Cryptocurrency expert Altcoin Sherpa has issued a warning to investors, stating that Bitcoin (BTC) is still in the midst of a correction phase and that this correction could persist. According to Sherpa, Bitcoin needs to surpass the $60,000 level in order to break out of its downtrend and regain trust. He advised against investing at the current levels, suggesting that investors wait for Bitcoin to demonstrate more strength before considering an investment.
Sherpa compared the recent drop in Bitcoin’s price to previous corrections in this cycle, pointing out that it fell below $58,000, similar to a drop from $47,000 to below $39,000 in January. He emphasized that the current price movement is typical and cautioned against making hasty decisions in volatile market conditions.
At the time of writing this article, Bitcoin is trading below the $60,000 threshold mentioned by Sherpa, at $59,389, with a 2.5% increase over the last 24 hours.
In addition to Bitcoin, Sherpa also discussed other cryptocurrencies. He mentioned that Solana (SOL), a competitor to Ethereum (ETH), could experience a short-term correction down to $116 according to Fibonacci retracement levels, but he expects it to rise in the coming months. Sherpa also highlighted the potential of Ethena’s governance token, ENA, stating that it is likely to continue its upward momentum after retesting the significant Fibonacci retracement level of $0.76.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
