Cryptocurrency analyst Altcoin Sherpa has issued a warning to investors, stating that Bitcoin (BTC) is still in a correction phase and that the correction could continue. In order for Bitcoin to regain trust, Sherpa believes it needs to break the $60,000 barrier and surpass this level. He advises against investing at the current levels, suggesting that investors wait for BTC to show more strength before considering an investment.
Sherpa compared the recent drop in Bitcoin’s price to previous corrections in this cycle, pointing out that the current movement is typical and highlighting the high volatility during market bottoms. He cautioned against making hasty decisions in such volatile market conditions.
As of now, Bitcoin is trading below the $60,000 threshold mentioned by Sherpa, at $59,389 with a 2.5% increase over the last 24 hours.
Sherpa also discussed other cryptocurrencies, mentioning that Solana (SOL), a competitor to Ethereum (ETH), could experience a short-term correction down to $116 according to Fibonacci retracement levels. However, he expects it to rise in the coming months.
Additionally, Sherpa highlighted the potential of Ethena’s governance token, ENA, stating that it is expected to continue its upward momentum after retesting the significant Fibonacci retracement level of $0.76.
It’s important to note that the information provided in this article does not constitute investment advice, and investors should be aware of the high volatility and risks associated with cryptocurrencies. It is recommended for investors to conduct their own research before making any investment decisions.
