Top Trader Says Bitcoin (BTC) at ‘Do-or-Die’ Level, Updates Outlook on Solana (SOL) and dogwifhat (WIF)

An influential crypto analyst suggests that Bitcoin (BTC) is currently at a critical juncture, providing updates on altcoins Solana (SOL) and dogwifhat (WIF).

During a recent strategy session, crypto strategist DonAlt informed his 562,700 followers on the social media platform X that Bitcoin’s weekly chart is indicating a decisive moment.

“Bitcoin is currently at a crucial weekly level. I have reservations about retesting the $60,000 range low. This untested support level is more favorable. If it breaks, we might see a move to the next support level indicated, while if it holds, new all-time highs are likely.”

DonAlt mentioned that Bitcoin has been trading within a specific range for over 100 days, and a breakout could result in maintaining a new trend for a similar period.

“With over 100 days of range-bound trading, Bitcoin is nearing a breakout. I predict that the upcoming breakout will establish a trend that will be upheld for as long as we’ve been in this range. It will be interesting to trade major cryptocurrencies again.”

Bitcoin is currently priced at $63,670, reflecting a 1% decrease for the day.

Transitioning to the Solana platform, DonAlt expressed surprise at the significant drop in value over recent weeks despite Bitcoin’s sideways movement.

“Solana has been steadily declining. Each day seems to bring more red. It has already declined by 37% against the USD from its peak. This decline is unexpected given Bitcoin’s stable movement.”

At present, Solana is trading at $130.95, reflecting a 2.5% decrease for the day.

Concluding his analysis with the meme coin dogwifhat, the trader remarked that it is currently performing poorly after experiencing a sharp decline in price. DonAlt also highlighted the emotional reactions of WIF holders towards the coin’s price movements.

“I’m not shorting WIF at the moment, so this decline is not due to my actions. It simply does not look promising. Regardless of bias, a downtrend is a downtrend. WIF holders are very emotional about even the smallest daily price fluctuations. It’s quite entertaining to witness this level of market engagement.”