The cryptocurrency market is trying to heal the wounds of the last crash. However, there are also some warnings that the decline in the market will continue. An analyst with a large following warns that Bitcoin may not have corrected yet. The analyst is also updating his outlook for SOL and ENA Coin.
Altcoin Sherpa: Wait for Bitcoin to break this level!
cryptokoin.comAs you follow from , Bitcoin started to gather strength after the sharp decline. However, warnings continue to come that the decline is not over yet. The analyst, nicknamed Altcoin Sherpa, says he will be more confident in a bullish reversal after Bitcoin regains the $60,000 level. In this context, the analyst makes the following statement:
BTC: I don’t think we’re out of the woods yet. We still need to get some levels back. The altcoin movement on May 2 is good, but I would not invest at these levels. Expect BTC to show more strength first and break $60,000+ in my opinion.
Bitcoin’s sudden drop below $58,000 this week is similar to other corrections this cycle, the analyst says. He shares a chart showing Bitcoin continuing its uptrend after dropping from $47,000 to below $39,000 in January. He comments on this graph as follows:
BTC: Regardless, this price action is perfectly normal and there is a lot of volatility as bottoms form. It’s not necessarily a ‘bottom’, but it is a common occurrence. More declines etc. in the next few days. Waiting. Be careful!
Meanwhile, Bitcoin was trading at $59,355 at the time of writing, up 2.5% in the last 24 hours. However, it remains in the red zone at around 8% on its weekly chart.
SOL and ENA Coin predictions
Based on the Fibonacci retracement levels chart, the analyst predicts that Ethereum (ETH) rival Solana (SOL) will decline to $116 in the near term. But he says it will rise within months. In this regard, the analyst said, “LEFT: Just make an average investment in dollar terms. Don’t worry about this. Wait 12 months or so and then sell higher.” says.
Finally, the analyst says that decentralized finance protocol Ethena (ENA Coin) is likely to extend its upside momentum after retesting the Fibonacci retracement level at $0.76. In this context, the analyst said, “ENA Coin: I am out of this. However, I think it looks solid. .618 Fibonacci + support/resistance level and the market is in good shape.” says.
Meanwhile, ENA Coin was trading at $0.7985 at the time of writing, up 0.65% on a daily basis. However, the token has lost around 6% on its weekly chart.
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