Bitcoin Analyst Warns of Bearish Trend Despite Price Surge Above $60,000

A notable crypto analyst known as Altcoin Sherpa is advising caution in light of what he perceives as a bearish trend in Bitcoin’s price movement (BTC).

Altcoin Sherpa, addressing a substantial following of 219,000 individuals on the social media platform X, points out that BTC is consistently displaying bearish formations on its daily chart. The analyst shares a chart illustrating that BTC is establishing a pattern of lower highs and lower lows.

Despite the prevailing enthusiasm in the community and the search for buying opportunities during dips, Altcoin Sherpa emphasizes the current bearish market structure of BTC. The analyst highlights the importance of breaking above $70,000 and establishing a higher low to potentially alter this scenario, urging followers to exercise caution rather than prematurely assuming a bullish trend.

Nevertheless, Altcoin Sherpa suggests that a further decline in Bitcoin’s price could open up opportunities to acquire alternative cryptocurrencies at discounted rates. In particular, Altcoin Sherpa identifies a potential entry point for Solana’s rival, Ethereum (ETH), at the $125 mark for SOL.

The analyst points to the $125-$138 range as a key area of interest for SOL, citing factors such as the transition from resistance to support, the 200-day exponential moving average, and a demand zone as compelling reasons for considering investments in that range.

Altcoin Sherpa also directs attention towards meme-based coins for potential investment opportunities. By utilizing Fibonacci retracement levels, the analyst identifies several Solana-based memecoins, including WIF, POPCAT, and BONK, as potentially attractive options amidst recent market corrections. Altcoin Sherpa outlines a strategy of targeting the 0.382 and 0.50 Fibonacci levels for these midcap-top memes, expressing confidence in the solidity of assets like POPCAT during consolidation phases.

As of the current update, Bitcoin is trading at $58,459, while Solana holds a value of $143.44.

In conclusion, Altcoin Sherpa’s insights shed light on the evolving dynamics within the crypto market, emphasizing the importance of vigilance and strategic decision-making in navigating the fluctuations and opportunities presented by digital assets.