Bitcoin Must Surpass $60K to Start Rising
Release: 2024/05/03 17:00 Reading: 646
Bitcoin Must Surpass $60K to Signal Recovery
Leading cryptocurrency analyst Altcoin Sherpa has cautioned investors that Bitcoin (BTC) remains in a corrective phase.
Breaking the $60,000 Barrier
Altcoin Sherpa emphasized on social media that Bitcoin must break the $60,000 resistance to regain confidence. He advises against investments at current levels, suggesting waiting for indications of strength.
Similar to Past Corrections
The analyst noted Bitcoin's recent dip below $58,000, comparing it to earlier corrections in this cycle. He presented a chart illustrating a similar drop from $47,000 to below $39,000 in January, followed by an upward trend. He emphasized the typical nature of these price movements and the volatility during market bottom formations, urging caution.
Solana Short-Term Downturn
Altcoin Sherpa also discussed other cryptocurrencies, including Solana (SOL), which he believes could experience a short-term correction to $116 based on Fibonacci retracement levels. However, he anticipates a subsequent rise in the coming months.
Ethena's Governance Token
The analyst highlighted the potential of Ethena's governance token, ENA, expecting its upward momentum to continue after retesting the $0.76 Fibonacci retracement level.
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Source: COINTURK NEWS: Bitcoin Must Surpass $60K to Start Rising
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