A popular crypto analyst is sounding the alarm about Bitcoin’s future. Altcoin Sherpa, who has over 200,000 followers on social media, says Bitcoin’s recent price dip below $60,000 could be a sign of bigger trouble to come.
Bitcoin’s Fate Hinges on $58,000
According to Sherpa, Bitcoin’s next move will determine its fate. If it can bounce back strongly from the $58,000 level, it could continue its upward climb. However, a weak bounce or no bounce at all could send Bitcoin into a downward spiral.
“If Bitcoin doesn’t bounce back from $58,000, we’re going to Hades,” Sherpa warns.
Sui Shows Promising Signs
While Sherpa is concerned about Bitcoin, he’s also keeping an eye on Sui (SUI), a competitor to Solana. Sui is showing bullish momentum, but Sherpa warns that it could face resistance at the 200-day exponential moving average (EMA) which is currently above $1.
“Sui is looking good, but I’m not sure people really care about speed and cost when it comes to blockchains,” Sherpa says. “They’ll go where the money is, that’s all. But that 200-day EMA is something to watch out for.”
Disclaimer
Remember, this is just one analyst’s opinion. Always do your own research before making any investment decisions. Cryptocurrencies are volatile and risky, and you could lose money.
