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Cryptocurrencies experienced a significant drop after Bitcoin reached $70,000 on Monday. The BTC price fell to $64,500 following this rise. Despite the negative impact of BTC’s decline on the market, analysts remain optimistic about cryptocurrencies. A closely followed analyst and trader shared his views on a memecoin created on the Solana (SOL) blockchain while also expressing his bullish expectations for Bitcoin (BTC).
1 Bitcoin in TL?
Altcoin Sherpa, an analyst, first highlighted Bitcoin in his statements on the social media platform X. He noted that Bitcoin might be ready to reach six-figure price levels.
There will be bumps along the way, but the path to $100,000 for BTC is programmed. Don’t get shaken and lose yourself along the way.
Bitcoin dropped to $64,679 after a 2.57% decline in the last 24 hours, while the BTC/TRY pair indicated a price of 2,147,000 TL. Despite the market decline, BTC’s 24-hour trading volume increased by over 31%, suggesting that some investors might be buying the dip.
According to the analyst, Bitcoin appears to have strong support between $63,800 and $65,000, where the 25, 55, 89, and 200 exponential moving averages (EMAs) converge on the daily chart.
POPCAT Comments
After Bitcoin, the analyst examined the Solana-based memecoin Popcat (POPCAT) and made significant statements. Altcoin Sherpa suggested that POPCAT might be one of the “better ones” in the long run among cat-themed projects in the meme coin market.
Despite this positive outlook, Altcoin Sherpa noted that POPCAT is showing a bearish trend in the short term on the four-hour timeframe and mentioned that the price needs to move above the low range between $0.694 and $0.724 to eliminate further declines.
Looking back, POPCAT was trading at $0.00379 on January 5. Today, it has gained over 10,000% with a price of $0.6597.
WIF Price?
Altcoin Sherpa lastly shared his views on another high-volume Solana-based memecoin, dogwifhat (WIF). According to the analyst, WIF looks “still quite good for now” on the four-hour timeframe and seems to have found a “better” support level at $2.10.
If I were you, I would probably average between $2.30 and $2.10 and trade it.
As of the time of writing, WIF’s price has fallen below the level mentioned by the analyst. WIF is trading at around $2.01 after a 13% drop in the last 24 hours.
