Cryptocurrency Trader Predicts 20% Drop in Bitcoin Price, Revises Assessment of Solana Competitor and Another Altcoin

A prominent cryptocurrency analyst and trader has shared a bearish outlook on Bitcoin (BTC) while also offering insights on two alternative coins.

In his analysis, the analyst, known by the pseudonym Sherpa, conveyed to his substantial following on the social media platform X that Bitcoin is likely to reach a price of $45,000, representing a decline of approximately 20% from its current valuation. According to Sherpa’s chart, the $45,000 level is seen as a crucial support area on the weekly timeframe. This level aligns with the 0.5 Fibonacci retracement level when considering the commencement of the bull cycle in late 2023 and the peak price of around $73,800.

As of the time of writing, Bitcoin is trading at $56,207.

Moving on to Solana (SOL) competitor Sui (SUI), Sherpa expressed optimism regarding the price action of this layer-1 blockchain in the four-hour timeframe. He indicated a favorable short-term outlook for the altcoin, emphasizing that it is not intended for long-term holding due to potential negative impacts from token unlocks.

SUI is presently trading at $0.849.

The discussion then turned to Bittensor (TAO), a decentralized platform for machine learning and artificial intelligence. Sherpa anticipates that TAO will consolidate within a range before experiencing an upward breakout. His analysis suggests that Bittensor might revisit a support level slightly below $200 before initiating an upward trajectory.

At the time of writing, TAO is trading at $238.

It is important to note that the views expressed by analysts are not investment advice, and individuals should conduct thorough research before engaging in high-risk investments in cryptocurrencies or digital assets. All trading activities involve inherent risks, and any resulting losses are the sole responsibility of the investor.

In conclusion, the cryptocurrency market continues to attract attention from traders and analysts, with Bitcoin, Solana, and Bittensor being closely monitored for potential price movements. As the market remains dynamic and volatile, investors are advised to exercise caution and diligence in their trading decisions.