The cryptocurrency market was hit hard by a sharp sell-off after Bitcoin lost $60,000. Some analysts say this downward wave will continue. Others see the decline as a buying opportunity. One analyst with a large following warns of further declines for Bitcoin. However, the analyst predicts rallies for 2 altcoin projects.
Altcoin Sherpa: SOL to break above $500 this year!
As you have been following on Kriptokoin.com, the market had another bloodbath. Sales accelerated after the leading crypto Bitcoin lost its support of 60 thousand dollars. Many altcoins were deeply hurt by the sell-off. However, there are those who see this as an opportunity for a new move. The analyst, nicknamed Altcoin Sherpa, predicts that Solana (SOL) will make a parabolic rally to over $500 later this year. However, the analyst notes that it will retest $120 before that. In this context, the analyst makes the following statement:
SOL: as long as the altcoin market continues to bleed, $120 could be the next area of interest. However, I still feel strongly that SOL will go to $500+ this year. Dollar cost averaging and be patient.
Meanwhile, Solana was trading at $124 at the time of writing, down nearly 4% in the last 24 hours. SOL lost over 21% on its weekly chart.
“I expect AVAX to do well this cycle!”
After Solana, the analyst looks to smart contract platform Avalanche (AVAX). Altcoin Sherpa predicts that AVAX will rise after holding $ 31.18 as support. Accordingly, the analyst shares the following assessment:
AVAX: I haven’t checked this chart in a while, I sold all my AVAX at $40 on the first rise. I expect this to be good only this cycle. There are better narratives and ‘better technology’. One thing this has is more supply in the market and less selling pressure, something to consider.
Meanwhile, AVAX was trading at $32.17, down 2.5% in the last 24 hours. The token fell more than 17% on its weekly chart.
Analyst’s bearish warning for Bitcoin
Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). The analyst warns that BTC will fall below $50,000 if it fails to maintain an important support range below $60,000. The analyst expresses his views on this issue as follows:
BTC: This area is still support until shown otherwise. While I agree that it’s scary and this looks like a weakening area (the more it’s tested, the weaker it gets), it’s still an area to bid. If it breaks below, I think we will see the low to mid $50,000s.
Meanwhile, Bitcoin has lost support for $60,000 in the last 24 hours. At the time of writing, the cryptocurrency was trading at $57,781 at the time of writing, down 5.3%. BTC was down 12.6% on the weekly chart.
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