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Home»ALTCOIN NEWS»Analyst updates Bitcoin outlook, saying altcoin is up more than 21,000% year-to-date from ‘do or die’ levels
ALTCOIN NEWS

Analyst updates Bitcoin outlook, saying altcoin is up more than 21,000% year-to-date from ‘do or die’ levels

By Crypto FlexsDecember 20, 20242 Mins Read
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Analyst updates Bitcoin outlook, saying altcoin is up more than 21,000% year-to-date from ‘do or die’ levels
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A widely known cryptocurrency analyst and trader said that altcoins in the Solana (SOL) ecosystem are at a critical time.

The analyst, who goes by the pseudonym Sherpa, tells his 234,700 followers on social media platform

According to Sherpa’s POPCAT chart, the Solana-based memecoin has formed a head-and-shoulders pattern on daily time frames and appears likely to crash if it fails to hold support levels. The head and shoulders pattern is generally considered a bearish pattern in technical analysis.

Source: Sherpa/X

POPCAT is trading at $0.802 at the time of this writing, up 21,147% from its January 5 low of $0.00379.

Next is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets even after the recent correction that briefly saw them fall below $100,000.

“Bitcoin dominance is not yet broken.

Ethereum has not yet been fully transferred.

January is an incredibly optimistic time for cryptocurrencies.

(US President-elect) Trump supports cryptocurrencies, owns some, and has his own decentralized finance (DeFi) project.

… .and are you selling??”

At the time of this writing, Bitcoin is trading at $100,624. Bitcoin dominance, which is the ratio of Bitcoin market capitalization to the rest of the cryptocurrency market, currently stands at 54.7%, down a few percentage points from its 2024 high of 58.99% hit mid-last month.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

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