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A closely followed crypto analyst said that Bitcoin (BTC) could dip below the $50,000 mark if one major support level fails to hold.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,900 followers on the social media platform X that the crypto king’s next test could either send it flying past $70,000 or crashing down below $50,000.
“I think that it’s quite simple: If BTC breaks current level, we go to $70,000. If BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).”
Sherpa goes on to say that if BTC’s latest price action was printing a lower high, which the trader says may not be the case, then that means BTC will likely head into the low $40,000s.
“I tremble if this was a lower high just printed for BTC. Don’t quite think it is but if so, price is headed to the low $40,000s. Let’s see.”
Bitcoin is trading for $59,481 at time of writing, a fractional decrease during the last 24 hours.
Shifting his analysis towards smart contract platform Sui Network (SUI) and wireless connectivity protocol Helium (HNT), Sherpa says that SUI looks good on lower time frames.
“SUI: 200-day exponential moving average (EMA) proved to be a strong resistance area but still think this one looks pretty good on lower time frames. Would view the $0.91-$0.86 area as a place to bid; lots of confluence there.”
SUI is valued at $0.864, a 5% decrease during the last day.
Moving on to HNT, a Solana (SOL)-based asset that uses hotspots to connect wireless devices to its network, Sherpa says the token is primed to surge to $8-$10.
“HNT: thought this chart looked beautiful, in since the mid $5s… Targets = $8 and then will leave some for $10 if it goes insane.”
HNT is moving for $6.99 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SvedOliver
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