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A widely followed crypto analyst says that Bitcoin (BTC) is currently sitting at a “do-or-die” level while updating his outlook on altcoins Solana (SOL) and dogwifhat (WIF).
In a new strategy session, crypto strategist DonAlt tells his 562,700 followers on the social media platform X that the crypto king’s weekly chart indicates it could go either way.
“At a do-or-die weekly level here. As I stated before I really don’t like the $60,000 range low for another test. This one is better, untested support.
If it breaks I think we’ll go to the next support indicated, if it holds new ATHs (all-time highs) are likely.”
According to DonAlt, BTC is coming out of 100 days of trading within a specific range and were it to breakout it would maintain itself for as long as it has been ranging.
“100+ days of range on BTC coming to an end soon.
I’m guessing the breakout that’s about to happen is gonna be trend-forming and will at least be maintained for as long as we’ve been ranging. Gonna be fun to trade majors again.”
Bitcoin is trading for $63,670 at time of writing, a 1% decrease on the day.
Moving on to smart contract platform Solana, DonAlt says it’s surprising that the Ethereum (ETH) rival has dropped so much over the last few weeks despite BTC trading sideways.
“SOL has been rugging in slow motion. Just day after day after day red. Already down 37% against USD from the top. Kind of wild to see given BTC has just been going sideways.”
Solana is trading for $130.95 at time of writing, a 2.5% decrease on the day.
Concluding his analysis with memecoin dogwifhat, the trader notes it “just looks like shit” after it saw a sharp decline in price. DonAlt also calls out WIF holders for being over-emotional about the price of the altcoin, going as far as taunting him over a small daily green candle.
“I’m not even [shorting] WIF right now, so you can’t pin this on me, it just looks shit. Call me biased however much you want, down means down.
WIF holders all over my mentions taunting me for this current green daily candle. Can’t say I hate this new dynamic, makes Twitter quite entertaining. Never have I seen market participants this emotionally charged about simple up/down moves.”
WIF is trading for $1.84 at time of writing, an 8.5% decrease on the day.
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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/Phonlamai Photo/Sol Invictus
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