Crypto analyst Altcoin Sherpa is urging caution despite Bitcoin’s recent surge above $60,000. He believes that Bitcoin is still in a bearish market structure, pointing to a pattern of lower highs and lower lows on the daily chart.
“Even though everyone’s excited about the price jump, we need to remember that Bitcoin is still in a bearish trend,” he said on social media. “We need to see a break above $70,000 and a higher low to change that.”
While he’s not calling for a complete crash, he advises investors to be cautious.
Altcoin Sherpa sees potential for altcoins to benefit from a potential Bitcoin dip.
He’s also looking at memecoins like dogwifhat (WIF), Popcat (POPCAT), and Bonk (BONK), which he thinks could be good buys at certain Fibonacci retracement levels.
“If I were trading right now, I’d be buying these memecoins at the 0.382 and 0.50 Fibonacci levels,”
At the time of writing, Bitcoin is trading at $58,459, while Solana is at $143.44.
It’s important to remember that this is just one analyst’s opinion, and the market can be unpredictable.
Investors should always do their own research and invest at their own risk. /p>
