A widely followed crypto analyst says Bitcoin (BTC) is currently at a do-or-die level as he updates his views 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
“Here on a weekly level of do or die. As I said before, I really don’t like the low $60,000 range for a retest. This one is better, untested support.
If this breaks, I think we’ll move to the next indicated support, if it contains new ATHs (all-time records), these are likely.”
According to DonAlt, BTC comes within a specific range after 100 trading days and if so break out it would maintain itself as long as it extended.
“More than 100 days of range on BTC is coming to an end soon.
I suspect that the breakout that is about to happen will be trend setting and will last at least as long as we are at it. It will be fun to trade majors again.”
Bitcoin is trading at $63,670 at the time of writing, down 1% on the day.
Moving on to smart contract platform Solana, DonAlt says it’s surprising that Ethereum (ETH) rival dropped so much in recent weeks, despite BTC trading sideways.
“SOL has been working in slow motion. Just red day after day after day. Already down 37% against the USD from the top. It’s pretty wild to see considering BTC just made a sideways move.”
Solana is trading at $130.95 at the time of writing, down 2.5% on the day.
Concluding his analysis with memecoin dogwifhat, the trader notes it just “looks like shit” after seeing a sharp price drop. DonAlt too shouts WIF holders for being too emotional about the altcoin’s price, even going so far as to mock it with a small daily green candle.
‘I don’t agree [shorting] WIF at the moment so you can’t pin this on me, it just looks bad. Call me biased, as much as you like, down means down.
WIF holders all over my mentions challenging me on this current green daily candle. I can’t say I hate this new dynamic, it makes Twitter quite entertaining. I have never seen market participants so emotionally charged over simple up/down moves.”
WIF is trading at $1.84 at the time of writing, down 8.5% on the day.
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Featured image: Shutterstock/Phonlamai Photo/Sol Invictus