Cryptocurrency Trader Cautions Bitcoin’s Recovery is Uncertain, Outlines Potential Trajectory for Solana and Ethereum

An influential crypto analyst suggests that the Bitcoin (BTC) market correction might not be over just yet.

The analyst, known as Altcoin Sherpa under a pseudonym, advises his 215,800 social media followers on platform X that a sustained breakout above the $60,000 mark for Bitcoin would be an indicator of a potential bullish trend reversal.

“BTC: We are not yet clear of potential declines. It’s crucial to retake certain price levels. Today’s surge in altcoins might be uplifting, but I would caution against fully committing at these prices. It’s better to wait for Bitcoin to demonstrate stronger momentum, ideally by breaking through the $60,000 barrier, in my view.”

Altcoin Sherpa also points out how Bitcoin’s recent decline below $58,000 this week mirrors previous cycles of market correction, illustrating his point with a chart that highlighted the fall of Bitcoin from $47,000 to below $39,000 in January, which was followed by a substantial recovery.

“BTC: In my opinion, this kind of price movement is quite typical. There is often significant volatility while the market is forming a bottom. I’m not saying we’ve hit the definitive bottom, but this pattern is to be expected. Anticipate more erratic price action over the next few days. Avoid being caught in erratic trades.”

At the time of publication, Bitcoin’s trading value is $59,389, marking a 2.5% gain over the past 24 hours.

Furthermore, the analyst projects that Ethereum (ETH) contender Solana (SOL) may see a downwards adjustment to about $116 in the short-term, based on his Fibonacci retracement analysis, but potentially could witness a rally in the coming months.

“SOL: My strategy is to keep investing money at regular intervals and not worry too much. You could be sitting on a decent profit if you’re patient and sell 12 months from now.”

Currently, Solana is priced at $139.15, showing an increase of more than 4% within the last 24 hours.

The final note by the analyst mentions that the DeFi governance token of Ethena (ENA) looks poised to continue its upward trajectory after retesting the Fibonacci retracement level of $0.76.

“ENA: I’ve exited this trade, but the outlook remains promising, with the price bouncing off the Fibonacci 0.618 level and a significant resistance/support level, and the overall market in decent shape.”

Ethena’s trading price is $0.80, with an uptick of 1% since the previous day.

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