A well-known cryptocurrency trader, Altcoin Sherpa, is sounding the alarm on Bitcoin (BTC) as it faces the risk of a sudden collapse if it fails to hold a crucial support level. Altcoin Sherpa, who has a large following of 239,300 on X, warns that if Bitcoin dips below $90,000, it could potentially drop to the low $80,000 range.
The trader also highlights that the bearish trend in Bitcoin may persist until the US government makes a decision regarding the seized Bitcoin from the Silk Road darknet marketplace. Recent reports indicate that over 69,000 BTC from the Silk Road case have been cleared for sale, leading to uncertainty in the market. Altcoin Sherpa speculates that if investors become over-leveraged, a significant drop in Bitcoin’s price could occur, possibly falling to the mid to low $80,000 range.
Currently, Bitcoin is trading at $94,776, showing a 2.8% increase in the last 24 hours. Altcoin Sherpa also shares insights on Solana (SOL) based meme coin Fartcoin (FARTCOIN), suggesting that FARTCOIN may experience a decline of more than 28% based on Fibonacci retracement levels. Despite the bearish outlook, Altcoin Sherpa mentions that he is still holding onto FARTCOIN and is considering buying more at the $0.80 and $0.60 price levels if they are reached.
FARTCOIN is currently priced at $0.84, down 2.4% in the last 24 hours. For more updates and alerts on cryptocurrency trends, readers are encouraged to subscribe to receive email notifications directly to their inbox. They can also follow The Daily Hodl on social media platforms such as X, Facebook, and Telegram for real-time updates.
In conclusion, the cryptocurrency market remains volatile, with Bitcoin facing potential downside risks if key support levels are breached. As investors navigate through these uncertain times, staying informed and monitoring market developments is crucial to making informed decisions in the cryptocurrency space.