Prominent cryptocurrency analyst and trader Altcoin Sherpa believes that despite the recent surge in the altcoin project Worldcoin (WLD), which has been the center of controversy for some time, selling pressure will continue. The analyst also noted that he expects a jump in the price of the largest cryptocurrency, Bitcoin (BTC), to around $25,000, but warned that sellers could pull the price down to a new low.
“Stay Away” Warning for Altcoin Project Worldcoin
Anonymous cryptocurrency analyst and trader Altcoin Sherpa warned that despite the bounce Worldcoin has made after testing the 0.786 Fibonacci retracement level, it remains in a downtrend. The analyst stated, “WLD bounced from the 0.786 Fib level ($1.24). Still, I wouldn’t buy this thing in the long term; short positions should be taken until the expectation of any rally is put on hold. If you have bought this altcoin, you should consider selling it and getting rid of this rubbish.”
Worldcoin, an altcoin project founded by Sam Altman, the founder and CEO of OpenAI, aims to create a global identity verification network using iris scanners. As of the time of writing this article, WLD is trading at $1.47, down 3.87% in the last 24 hours.
Bitcoin’s Macro Bullish Trend May Be at Risk
Altcoin Sherpa, particularly focusing on Bitcoin in light of the recent decline in the cryptocurrency market, said that he expects Bitcoin to retest the $25,000 level before moving upward. The analyst explained, “I expect the price to fill in some of this inefficiency and retest a low point near the lower levels. This retest will happen around $25,000. After the retest, I anticipate the price to truly bounce and rise.”
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The analyst also emphasized that Bitcoin can only rise after a true retest in the $25,000 range, stating, “The real way to evaluate these major downward movements is to wait for the price to retest the bottom level again and for a long period of time. So, instead of buying at the top, you need to wait for a true retest to occur.”
Altcoin Sherpa also discussed the possibility of Bitcoin forming a bearish formation after its price jumps, saying, “If this is clearly a bearish formation, then you should expect the price to bounce from the low levels and comfortably take short positions as it rises.” The analyst warned that if sellers manage to pull the price of the cryptocurrency below $25,000, the macro bullish trend will be at risk, stating:
I don’t want to see the $25,000 region being broken downwards. This will confirm the arrival of a lower bottom level. I advise you to be patient for buying. Don’t rush. Wait for the price movements in the coming days.
