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