An influential cryptocurrency analyst has suggested that Bitcoin (BTC) may drop below the $50,000 mark if a crucial support level fails to hold.
During a recent strategy session, a well-known crypto trader known as Altcoin Sherpa shared with his 219,900 followers on the social media platform X that Bitcoin’s next move could propel it above $70,000 or cause a significant drop below $50,000.
“I think that it’s quite simple: If BTC breaks current level, we go to $70,000. If BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).”
Altcoin Sherpa also suggested that if Bitcoin’s recent price action indicated a lower high, which he believes might not be the case, then the cryptocurrency could head towards the low $40,000s.
“I tremble if this was a lower high just printed for BTC. Don’t quite think it is but if so, price is headed to the low $40,000s. Let’s see.”
At the time of writing, Bitcoin is trading at $59,481, showing a slight decrease in the last 24 hours.
Altcoin Sherpa also shared insights on Sui Network (SUI) and Helium (HNT), mentioning that SUI appears promising on lower time frames.
“SUI: 200-day exponential moving average (EMA) proved to be a strong resistance area but still think this one looks pretty good on lower time frames. Would view the $0.91-$0.86 area as a place to bid; lots of confluence there.”
Currently, SUI is valued at $0.864, showing a 5% decrease in the last day.
Regarding HNT, a Solana (SOL)-based asset utilizing hotspots for wireless device connectivity, Altcoin Sherpa believes the token has the potential to surge to $8-$10.
“HNT: thought this chart looked beautiful, in since the mid $5s… Targets = $8 and then will leave some for $10 if it goes insane.”
Currently, HNT is priced at $6.99.
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