Trader Alerts on Altcoin Concerns; Provides Bitcoin Update Amidst Crypto Market Downturn
Prominent crypto analyst predicts further sell-offs for a debated low-cap altcoin, even after its recent recovery.
Renowned trader, Altcoin Sherpa, advises his 196.4k followers about Worldcoin (WLD) staying bearish, even after rebounding from the .786 Fibonacci ($1.24) level. He suggests skepticism on its long-term value and recommends selling to avoid potential losses.
Worldcoin, an innovative project with ties to OpenAI's co-founder, Sam Altman, stands out in the crypto world with its unique approach to user verification – it employs iris scanning technology. As of the latest data, Worldcoin (WLD) is trading at a value of $1.51.
In the realm of cryptocurrencies, Bitcoin (BTC) is undeniably the most recognized. However, recent market trends have shown a sudden dip in its value, echoing a broader decline across the digital asset market. Expert traders and analysts are keenly observing these fluctuations. One particular trader has made a noteworthy prediction about Bitcoin's trajectory. He anticipates that Bitcoin might undergo another valuation test around the $25,000 mark. But, this shouldn't be a cause for alarm, as he also expects a considerable rebound post this retest.
In his words: 'For BTC, anticipate a brief phase of valuation adjustments near the $25,000 region. Once this phase stabilizes, a genuine price bounce is very likely.' Such insights highlight the dynamic nature of cryptocurrency markets and the importance of expert analysis.
In the ever-evolving cryptocurrency landscape, an expert analyst offers insights into Bitcoin's (BTC) potential movement. He suggests Bitcoin might see a rise from the $25,000 benchmark, only to revisit it later. 'During significant declines, it's advisable to observe the lows and then take a long position. Avoid immediate moves during an upward grind; instead, anticipate a breakdown and a return to near-low values,' he advises.
Furthermore, he doesn't dismiss the chance of Bitcoin showing a bearish trend post this surge. 'In the face of an evident bearish structure, it's best to await the price nearing the low and bouncing. As the price then escalates, it provides a favorable moment to short.'
Altcoin Sherpa, a notable figure in the crypto community, emphasizes the bigger picture concerning Bitcoin's macro movement. He pinpoints the crucial value of $25,000 for BTC. Should Bitcoin fall beneath this, it may indicate a more significant downturn in its macro trend. 'For BTC, breaking below $25,000 is concerning, confirming a further low,' he remarks. His advice to traders and enthusiasts is to proceed with caution. 'Exercise patience in your investment moves and anticipate volatility in the coming days.
Currently, Bitcoin is valued at $26,064, marking a 2.5% increase over the past 24 hours.
Aug 19, 2023