Altcoin Sherpa, a prominent figure in the cryptocurrency market and closely followed analyst, has expressed concerns about the current state of Bitcoin (BTC), suggesting that a full correction is not yet complete. Altcoin Sherpa pointed out that Bitcoin needs to reclaim a certain level in order to show a strong uptrend, and stated that this point is the $ 60,000 level.
In his evaluation, the analyst discussed the current situation of the market and possible scenarios in Bitcoin price movements. Altcoin Sherpa agrees that the altcoin move on May 2 was impressive, but emphasizes that Bitcoin is not in a position to buy with full confidence at current levels. The analyst said it would be a healthier approach to wait for Bitcoin to show a stronger performance and break clearly above $60,000. states.
Additionally, Altcoin Sherpa stated that Bitcoin’s sudden drop below $58,000 this week is similar to corrective movements observed in the past. In particular, the analyst is trying to estimate the potential size and duration of the current correction by referencing the time period when Bitcoin fell from $47,000 levels to below $39,000 in January.
“BTC: Regardless, this price action is perfectly normal and there is a lot of volatility as bottoms form. I’m not saying this is necessarily a ‘bottom’, but it’s normal for it to happen. More sideways movement/etc over the next few days. I am waiting.”
At the time of writing, Bitcoin is trading at $59,389, up 2.5% in the last 24 hours. In conclusion, Altcoin Sherpa’s warnings show that investors should carefully monitor the market and be prepared for sudden price movements. This highlights the importance of being careful and conscious when trading in the cryptocurrency market.
The analyst then claimed that Ethereum (ETH) rival Solana (SOL) could correct to $116 in the near term, but could recover within months, based on the Fibonacci retracement levels chart.
“LEFT: don’t worry about this if you’re only considering dollar averaging. “You can wait there for up to 12 months and then sell it for a higher price.”
Finally, the analyst thinks that decentralized finance protocol Ethena (ENA) will likely maintain its bullish momentum after retesting the Fibonacci retracement level of $0.76.
“ENA: I’m out of this, but I think it looks solid. 0.618 Fibonacci + support/resistance level and the market looks good.”
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