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Analyst Says Bitcoin Primed To Crash Below $50,000 if Major Level Holds, Updates Outlook on Sui and Helium

August 16, 2024
in Altcoin
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A carefully adopted crypto analyst mentioned that Bitcoin (BTC) may dip beneath the $50,000 mark if one main help degree fails to carry.

In a brand new technique session, pseudonymous crypto dealer Altcoin Sherpa tells his 219,900 followers on the social media platform X that the crypto king’s subsequent take a look at may both ship it flying previous $70,000 or crashing down beneath $50,000.

“I feel that it’s fairly easy: If BTC breaks present degree, we go to $70,000. If BTC doesn’t break present degree, we go to $40,000s (w/ bounces in between).”

Supply: Altcoin Sherpa/X

Sherpa goes on to say that if BTC’s newest value motion was printing a decrease excessive, which the dealer says might not be the case, then which means BTC will doubtless head into the low $40,000s.

“I tremble if this was a decrease excessive simply printed for BTC. Don’t fairly assume it’s but when so, value is headed to the low $40,000s. Let’s see.”

GU98D8XWQAAHVWF
Supply: Altcoin Sherpa/X

Bitcoin is buying and selling for $59,481 at time of writing, a fractional lower over the last 24 hours.

Shifting his evaluation in the direction of sensible contract platform Sui Community (SUI) and wi-fi connectivity protocol Helium (HNT), Sherpa says that SUI appears to be like good on decrease time frames.

“SUI: 200-day exponential shifting common (EMA) proved to be a robust resistance space however nonetheless assume this one appears to be like fairly good on decrease time frames. Would view the $0.91-$0.86 space as a spot to bid; a lot of confluence there.”

GU5OSJgWkAALf4O
Supply: Altcoin Sherpa/X

SUI is valued at $0.864, a 5% lower over the last day.

Transferring on to HNT, a Solana (SOL)-based asset that makes use of hotspots to attach wi-fi gadgets to its community, Sherpa says the token is primed to surge to $8-$10.

“HNT: thought this chart appeared lovely, in because the mid $5s… Targets = $8 after which will go away some for $10 if it goes insane.”

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Supply: Altcoin Sherpa/X

HNT is shifting for $6.99 at time of writing.

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Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/SvedOliver



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Tags: AnalystBitcoinCrashHeliumHoldsLevelMajorOutlookPrimedSuiupdates
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