A closely watched crypto analyst said Bitcoin (BTC) could dip below the $50,000 mark if one key support level does not hold.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,900 followers on social media platform
“I think it’s very simple: if BTC breaks through the current level, we will go to $70,000. If BTC does not break the current level, we will go to $40,000 (with jumps in between).
Sherpa goes on to say that the latest price action was from BTC print a lower high, which the trader believes may not be the case, means BTC will likely head to the low $40,000s.
“I’m shaking if this were a lower high that just printed for BTC. Don’t quite think this is so, but if so then the price is heading towards the low $40,000s. Let’s see.”
Bitcoin is trading at $59,481 at the time of writing, down fractionally over the past 24 hours.
His analysis shifts to the smart contract platform Sui Network (SUI) and the wireless connectivity protocol Helium (HNT), Sherpa say that SUI looks good on lower time frames.
“SUI: 200-day exponential moving average (EMA) proved to be a strong resistance area, but I still think this looks pretty good on lower time frames. Would consider the $0.91-$0.86 area as a place to bid; there is a lot of coincidence.”
SUI is valued at $0.864, down 5% over the past day.
Moving on to HNT, a Solana (SOL)-based asset that uses hotspots to connect wireless devices to its network, Sherpa says the token prepared rise to $8-$10.
“HNT: Thought this chart looked great, since mid $5…Targets = $8 and there will be a few left at $10 if things get crazy.”
HNT moves for $6.99 at the time of writing.
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Featured image: Shutterstock/SvedOliver
