A leading expert in the cryptocurrency field, Altcoin Sherpa, has issued a warning to investors regarding the current state of Bitcoin (BTC). According to Sherpa, Bitcoin is still in the midst of a correction phase and there is a possibility that the correction could continue.
In order for Bitcoin to regain trust and start ascending again, Sherpa believes that it needs to break through the $60,000 barrier. He advises against investing at the current levels and suggests waiting for Bitcoin to demonstrate more strength before considering an investment.
Sherpa points out that Bitcoin recently dropped below $58,000, which is similar to previous corrections that have occurred in this cycle. He shares a chart that shows a similar drop from $47,000 to below $39,000 in January, followed by an upward trend. Sherpa explains that the current price movement is typical and highlights the high volatility during the formation of market bottoms. He urges investors to be cautious and avoid making hasty decisions in volatile market conditions.
As of now, Bitcoin is trading below the $60,000 level mentioned by Sherpa, at $59,389, with a 2.5% increase over the past 24 hours.
In addition to Bitcoin, Sherpa also discusses other cryptocurrencies. He mentions that Solana (SOL), a competitor to Ethereum (ETH), could experience a short-term correction down to $116 according to Fibonacci retracement levels. However, he expects Solana to rise in the coming months.
Sherpa also highlights the potential of the decentralized finance protocol Ethena’s governance token, ENA. He expects ENA to continue its upward momentum after retesting the significant Fibonacci retracement level of $0.76.
It is important to note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research before making any investment decisions.
