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As the week draws to a close in the cryptocurrency world, it would not be wrong to say that a chaotic six days have been experienced. At the beginning of the week, Bitcoin, which reached $70,000, is struggling to stay above $60,000, while things don’t seem to be going well for Solana, considered Ethereum’s biggest rival.
Analyst’s Bitcoin Commentary
One of the well-known names in the crypto world expressed that Bitcoin (BTC) could experience a deeper correction faster than expected. Altcoin Sherpa, an analyst, shared on X that Bitcoin could drop more than 7% from its current value today.
If we lose this area (around $62,000), I think it will be $58,000. This would generally be a severe move. I still think this area is good. And if you zoom in within a day, we are still in a wide trading range of $55,000-$73,000.
Bitcoin price recovered from the $60,500 level it dropped to early in the morning and continues to find buyers around the $61,700 region. This drop indicates a 1.5% decline in the last 24 hours.
On the other hand, the analyst also emphasized that Bitcoin’s technical indicators do not point to a clear direction.
BTC: There are a lot of conflicting signals here. On one hand, there are many daily exponential moving averages (EMA) at this level. They usually act as support here. On the other hand, the equilibrium of the range (EQ) ($65,200) acts as a variable support/resistance level (currently resistance). In the short term, I’m not very sure overall.
How Much Will Solana Be?
The analyst also added that Solana (SOL), the fourth-largest cryptocurrency in the market (excluding stablecoins) and long known as the Ethereum killer, could drop to $125 before experiencing a rise.
SOL: I still believe that $125-$150 will be a really solid area to scale into SOL and that you should still get 2x plus before the end of the cycle. Of course, 2x may not seem like much (and we are holding conservative targets), but at this point, I still don’t see many other ‘safe’ options. BTC/ETH/SOL are the only options I can comfortably hold for the next six months.
Solana price continues to find buyers at the $150 level with a 2.79% drop in the last 24 hours, indicating it performed worse than Bitcoin. For a possible drop to the level mentioned by the analyst, SOL would need to lose $25 in value.
SOL’s market cap has fallen below $70 billion again but has not lost its place in the market cap rankings. Additionally, its trading volume is at $3.7 billion after a 17% drop.
