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Leading cryptocurrency analyst Altcoin Sherpa has warned investors that Bitcoin (BTC) is still not out of its correction phase and that the correction could continue.
“Bitcoin Needs to Break the $60,000 Barrier to Begin Ascending”
The anonymous cryptocurrency analyst Altcoin Sherpa told his followers on the social media platform X that for Bitcoin to regain trust, it needs to break out of the downtrend by surpassing the $60,000 level. He cautioned against investing at current levels, suggesting that one should wait for BTC to demonstrate more strength before considering an investment.
The analyst pointed out that Bitcoin recently fell below $58,000, likening it to previous corrections in this cycle. He shared a chart showing a similar drop from $47,000 to below $39,000 in January, followed by an upward trend. He noted that the current price movement is typical and highlighted the high volatility during the formation of market bottoms, cautioning against hasty decisions in volatile market conditions.
As of the time this article was prepared, Bitcoin, the largest cryptocurrency, is trading below the $60,000 threshold mentioned by the analyst, at $59,389, and is priced with a 2.5% increase over the last 24 hours.
Short-Term Downturn Warning for Solana
Following Bitcoin, Altcoin Sherpa also discussed other cryptocurrencies, mentioning that Solana (SOL), a competitor to Ethereum (ETH), could undergo a short-term correction down to $116 according to Fibonacci retracement levels, but he expects it to rise in the coming months.
The analyst also highlighted the high potential of the decentralized finance protocol Ethena‘s governance token, ENA, expecting it to continue its upward momentum after retesting the significant Fibonacci retracement level of $0.76.
