The cryptocurrency market was hit hard with sharp sales after Bitcoin lost $60,000. Some analysts say that this downward trend will continue. Some see the decline as a buying opportunity. An analyst with a large following warns of further declines for Bitcoin. However, the analyst predicts rallies for 2 altcoins.
Altcoin Sherpa: SOL will surpass $500 this year!
cryptokoin.comAs you follow from , the market went through another bloodbath. Sales accelerated after the leading crypto Bitcoin lost its support of 60 thousand dollars. Many altcoins suffered deep wounds from the sales. However, there are also those who see this as an opportunity for a new move. The analyst with the pseudonym Altcoin Sherpa predicts that Solana (SOL) will have a parabolic rally to over $500 this year. However, the analyst states that it will retest $120 before that. In this context, the analyst makes the following statement:
LEFT: As long as the altcoin market continues to bleed, $120 could be the next area of interest. However, I still feel strongly that SOL will hit $500+ this year. Dollar cost averaging and be patient.
Meanwhile, Solana was trading at $124 at the time of writing, down nearly 4% in the last 24 hours. SOL lost more than 21% of its value on its weekly chart.
“I expect AVAX to do well this cycle!”
Following Solana, the analyst looks at smart contract platform Avalanche (AVAX). Altcoin Sherpa predicts that AVAX will rise after holding $31.18 as support. In this regard, the analyst shares the following assessment:
AVAX: I haven’t checked this chart in a while, I sold all my AVAX at $40 on the initial rise. I expect this to be good just this cycle. There are better narratives and ‘better technology’. One thing this has is more supply and less selling pressure in the market, something to consider.
Meanwhile, AVAX was trading at $32.17, down 2.5% in the last 24 hours. The token dropped over 17% on its weekly chart.
Fall warning for Bitcoin from analyst
Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). The analyst warns that BTC will fall below $50,000 if it fails to maintain a key support range below $60,000. The analyst expresses his views on this issue as follows:
BTC: This area is still support until indicated otherwise. While I agree it is scary and this seems like a weakening area (the more it is tested the weaker it gets) this is still an area to bid on. If it breaks below, I think we will see the mid-$50,000s.
Meanwhile, Bitcoin lost its $60,000 support in the last 24 hours. At the time of writing, the cryptocurrency was trading at $57,781 at press time, down 5.3%. BTC saw a 12.6% decrease on its weekly chart.
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