Cryptocurrency Trader Warns of Potential Drop in Top-100 Altcoin, Revises Bitcoin and Pepe Projections
A prominent crypto trader and analyst is cautioning about the potential sudden collapse of a top-100 altcoin, risking a complete loss of its value.
During a recent strategic session, the pseudonymous crypto analyst known as Altcoin Sherpa shared with his substantial following on the social media platform X his concerns regarding Sam Altman’s “proof-of-person” initiative, Worldcoin (WLD), suggesting that it could plummet to $0.
The analyst stated, “WLD is expected to drop to $0 eventually, although the timing remains uncertain. Nonetheless, this presents a significant short opportunity and possibly one of the most effective ways to mitigate your risk exposure.”
Pointing to a post by another social media user highlighting concerns about the project’s fundamentals, particularly upcoming Worldcoin token unlocks, the analyst noted that such unlocks are often viewed negatively due to the introduction of new sellable supply.
At the time of writing, Worldcoin was trading at $3.03, marking a 16.7% increase over the last 24 hours.
Shifting focus, the analyst outlined potential scenarios for Bitcoin (BTC) after reclaiming the mid-$60,000 range by examining historical support and resistance levels.
The analyst presented three possible BTC scenarios:
– A drop to $63,000 followed by a return to the upward momentum.
– A decline to $60,000 with a subsequent recovery.
– A decrease to $60,000, possibly with intermittent rebounds, leading to a potential downturn.
Expressing optimism, the analyst highlighted the most favorable outcome of surpassing this level without a pullback and reaching $70,000, while advising caution in entering positions and anticipating a healthy pullback. The analyst recommended seizing opportunities during market downturns when sentiments turn pessimistic.
Bitcoin was trading at $64,657 at the time of the analysis, showing a slight increase in value over the past 24 hours.
Lastly, the analyst predicted that the memecoin Pepe (PEPE) is likely to revisit Fibonacci retracement levels at either $0.00001112 or $0.00001057.
The analyst simply stated, “PEPE: bidding these areas.”
Pepe was trading at $0.00001183 at the time of assessment, reflecting a nearly 2% decrease over the previous 24 hours.
