A prominent cryptocurrency analyst says Bitcoin (BTC) could fall below $50,000 if one of its key support levels fails to hold.
In a new strategy session, anonymous cryptocurrency trader Altcoin Sherpa told his 219,900 followers on social media platform X that the next test for the cryptocurrency king could be a breakout above $70,000 or a crash below $50,000.
“I think it’s very simple. If BTC breaks current levels, it will go to $70,000. If BTC doesn’t break current levels, it will go to $40,000 (there may be a bounce in between).”
Sherpa said that if BTC’s recent price action is forming lower highs (which the trader says may not be the case), BTC is likely headed towards the low $40,000 range.
“I’m afraid this is a low high for BTC. I don’t think so, but if it is, the price is headed towards the low $40,000s. Let’s wait and see.”
At the time of writing, Bitcoin is trading at $59,481, down slightly over the past 24 hours.
Sherpa said that SUI looks good on lower time frames, based on his analysis of smart contract platform Sui Network (SUI) and wireless connectivity protocol Helium (HNT).
“SUI: The 200-day EMA has proven to be a strong resistance area, but I still think it looks pretty good on lower time frames. I would look at the $0.91-$0.86 area as a bid area. There is a lot of consolidation there.”
SUI is valued at $0.864 and has fallen 5% over the past day.
For HNT, a Solana (SOL)-based asset that uses hotspots to connect wireless devices to the network, Sherpa expects the token to surge to $8-$10.
“HNT: I thought this chart looked beautiful, but after the mid 5s… Target = 8, and if I feel crazy I’ll leave it at 10.”
As of this writing, HNT costs $6.99.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/SvedOliver