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Home»ALTCOIN NEWS»Crypto Trader Issues Bitcoin Warning, Says BTC Could Crash in ‘Violent Move’ – Here Are His Targets
ALTCOIN NEWS

Crypto Trader Issues Bitcoin Warning, Says BTC Could Crash in ‘Violent Move’ – Here Are His Targets

By Crypto FlexsAugust 3, 20243 Mins Read
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Crypto Trader Issues Bitcoin Warning, Says BTC Could Crash in ‘Violent Move’ – Here Are His Targets
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A popular cryptocurrency analyst and trader has warned that Bitcoin (BTC) could suddenly drop even further.

Altcoin Sherpa, an anonymous analyst, told his 219,100 followers on social media platform X that Bitcoin could fall by more than 7% from its current value.

“If we lose that area (around $62,000), I think it’s going to be $58,000. It’s going to be a violent move overall. I still think this area is fine. And if you zoom in on the day, we’re still in a big trading range of $55,000 to $73,000.”

Source: Altcoin Sherpa/X

At the time of writing, Bitcoin is trading at $61,284, down more than 2% over the last 24 hours.

The analyst also warned that Bitcoin’s technical indicators are sending mixed signals in the short term.

“BTC: There are a lot of conflicting signals here. On the one hand, there are a lot of 1-day exponential moving averages (EMAs) at this level. They usually act as support here.

On the other hand, the equilibrium (EQ) of the range ($65,200) is acting as a volatile support/resistance level (currently resistance). Overall, it is not convincing in the short term.”

video
Source: Altcoin Sherpa/X

The analyst then said that Solana (SOL), a competitor to Ethereum (ETH), could drop to at least $125 before a bullish reversal.

“SOL: I still believe $125-$150 is a really solid area for SOL to expand to, and we could still get a 2x+ before the cycle ends. Sure, a 2x might not seem like much (and we’re being conservative with our targets), but I still don’t think there are many other ‘safe’ options at this point. BTC/ETH/SOL is the only one that we can comfortably hold for the next 6 months.”

video
Source: Altcoin Sherpa/X

As of this writing, Solana’s price is $151, down about 7% over the last 24 hours.

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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 your responsibility and any losses you may incur are your 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.

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