Widely respected cryptocurrency trader Altcoin Sherpa recently warned that the bull run in the digital asset market is likely to break.
anonymous analyst says The 204,000 follower on social media platform
He cited SEI, a challenger to Solana (SOL), one of the strongest altcoins of the past few months, giving up some of its recent gains.
“The overall environment has definitely changed a little bit in a way that you don’t want to blindly linger on every dip. Altcoins are not being bought as quickly and strongly as they used to, and even leaders like SEI are pulling back.
Will we see a green day tomorrow? totally. However, the trend seems to fade away a bit on lower time frames.
Does this mean it’s all over? no. The higher time frames are still very optimistic IMO (in my opinion). But I wouldn’t be surprised to see many of them continue to fall back.
The play here is to set up a spot low (we hope) and add it to your spot bag later at a low level.
If you’re trading leverage, you’ll want to be cautious and perhaps patient for the massive volatility that comes with ETF (exchange-traded fund) news. Avoid using too large or high leverage.
If you can’t be patient, I think other coins will be fine in the short term.”
Looking at Bitcoin (BTC), Altcoin Sherpa says some “inefficiencies” – areas of high volatility and possibly weak holdings – may require retesting in the near future. He’s aiming for around $40,000.
“BTC: Most of the inefficiencies are filled with positives…
What about the downsides?
“Scary things.”
As of this writing, Bitcoin is trading at $43,940.
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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 are responsible for any losses that may occur. 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.
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