- A popular crypto analyst, Altcoin Sherpa, has warned that Bitcoin (BTC) may not have finished its correction phase yet.
- He advises his 215,800 followers that only when Bitcoin reclaims the $60,000 level will he be confident of a bullish reversal.
- Altcoin Sherpa also predicts potential corrections for Ethereum (ETH) competitor Solana (SOL) and the governance token of the decentralized finance protocol Ethena (ENA).
Renowned crypto analyst, Altcoin Sherpa, predicts further corrections for Bitcoin, Solana, and Ethena, advising investors to wait for Bitcoin to reclaim the $60,000 level before considering a bullish reversal.
Bitcoin’s Correction Phase Not Over Yet
Altcoin Sherpa, a pseudonymous analyst with a substantial following on social media platform X, has cautioned that Bitcoin may not have finished correcting. He stated that he would only have more confidence in a bullish reversal once Bitcoin reclaims the $60,000 level. He also warned against going all in at the current levels, advising to wait for Bitcoin to show more strength first.
Similarities with Previous Corrections
The analyst drew parallels between Bitcoin’s sudden drop below $58,000 this week and other corrections this cycle. He referred to a chart showing Bitcoin’s decline from $47,000 to below $39,000 in January before it continued to rise. At the time of writing, Bitcoin is trading for $59,389, up 2.5% in the last 24 hours.
Predictions for Solana and Ethena
Altcoin Sherpa also predicted that Ethereum (ETH) competitor Solana (SOL) may correct in the near term to as low as $116 based on his chart of Fibonacci retracement levels. However, he suggested that it could rally within months. Solana is trading for $139.15 at the time of writing, up more than 4% in the last 24 hours.
Lastly, the analyst predicted that the governance token of the decentralized finance protocol Ethena (ENA) appears likely to extend its upward momentum after retesting the Fibonacci retracement level at $0.76. Ethena is trading for $0.80 at the time of writing, up 1% in the last 24 hours.
Conclusion
While Altcoin Sherpa’s predictions suggest further corrections for Bitcoin, Solana, and Ethena, he advises investors to wait for Bitcoin to reclaim the $60,000 level before considering a bullish reversal. His analysis provides valuable insights for investors navigating the volatile crypto market.
