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One closely followed cryptocurrency strategist believes that a hot altcoin project is about to collapse.
The analyst goes by the alias Altcoin Sherpa Tells His 217,600 followers on the social media platformWIF) You may not have found the bottom of the market yet.
“WIF: Good area overall, I expect a bounce. But I don’t really think this is the overall bottom. Overall strong bounce and we expect a decline.
Looking at his chart, the analyst suggests that WIF could rebound to around $2.50 before falling to the Fibonacci retracement level at $1.26.
WIF was trading for $0.148 on December 20, and at the time of writing was worth $2.01, a gain of 1,258%.
Next, analyst He says that bitcoin (Bitcoin) Price action on the daily chart is hovering in the middle of the trading range and is waiting for trend confirmation.
“BTC: Keep your charts simple and just relax. EQ (equilibrium price) is generally not where you want to actively trade, but let’s see what happens.”
Bitcoin is trading at $64,922 at the time of writing, up slightly over the past 24 hours.
Analyst too She suggests Today’s cryptocurrency market is comparable to the crypto cycle of late 2020, when altcoins, including Solana (Sol), fell further before launching into huge rallies.
“I keep quoting this topic because I think it’s very relevant to today. I think we’re somewhere in the yellow boxes right now. Most altcoins will probably have a little more downside and I’m waiting for BTC to be in a super healthy state before altcoins start to Move.
Solana is trading for $133 at the time of writing, down more than 2% over the past 24 hours.
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