The Cryptocurrency Market Faces Sharp Sell-Off After Bitcoin Drops Below $60,000
The cryptocurrency market experienced a significant downturn as Bitcoin lost its support at $60,000, leading to a sharp sell-off. While some analysts believe that this downward trend will continue, others view it as a buying opportunity. One prominent analyst, known as Altcoin Sherpa, has made predictions for two altcoin projects amidst the market turmoil.
Altcoin Sherpa: SOL to Break Above $500 This Year!
Altcoin Sherpa, a well-known analyst, has forecasted that Solana (SOL) will see a parabolic rally to over $500 later this year. Despite predicting a retest of $120 in the short term, the analyst remains bullish on SOL’s long-term prospects. Altcoin Sherpa advises investors to practice dollar-cost averaging and exercise patience during volatile market conditions.
At the time of writing, Solana was trading at $124, marking a 4% decline in the last 24 hours and a 21% drop on its weekly chart.
“I Expect AVAX to Do Well This Cycle!”
Altcoin Sherpa has also turned attention to Avalanche (AVAX), a smart contract platform, predicting a rise in its value after holding support at $31.18. While acknowledging the presence of better narratives and technologies in the market, the analyst believes that AVAX has the potential to perform well in the current market cycle.
Currently, AVAX is trading at $32.17, down 2.5% in the last 24 hours and over 17% on its weekly chart.
Analyst’s Bearish Warning for Bitcoin
Altcoin Sherpa has issued a bearish warning for Bitcoin, stating that the leading cryptocurrency could drop below $50,000 if it fails to maintain crucial support levels below $60,000. Despite the challenging market conditions, the analyst advises caution and strategic bidding in the face of potential price fluctuations.
Bitcoin was trading at $57,781 at the time of writing, reflecting a 5.3% decrease in the last 24 hours and a 12.6% decline on the weekly chart.
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