Bitcoin Must Surpass $60K to Start Rising

Bitcoin Must Surpass $60K to Start Rising

Leading cryptocurrency analyst Altcoin Sherpa has cautioned investors that Bitcoin (BTC) remains in a corrective phase, with the potential for further decline.

Bitcoin Needs to Break the $60,000 Barrier to Begin Ascending

Altcoin Sherpa, an anonymous analyst, advised followers on social media platform X that Bitcoin must break the downtrend by exceeding $60,000 to regain trust. He discouraged investment at current levels, recommending waiting for BTC to exhibit greater strength before consideration.

The analyst noted Bitcoin's recent dip below $58,000, drawing parallels to prior corrections within this cycle. He presented a chart depicting a similar drop from $47,000 to below $39,000 in January, followed by a subsequent upward trend. He emphasized the typicality of the current price movement and highlighted the high volatility during market bottom formation, advising against impulsive decisions in such conditions.

At the time of writing, Bitcoin, the dominant cryptocurrency, trades below the analyst's $60,000 threshold at $59,389, marking a 2.5% increase over the past 24 hours.

Short-Term Downturn Warning for Solana

Beyond Bitcoin, Altcoin Sherpa discussed other cryptocurrencies, including Solana (SOL), a competitor to Ethereum (ETH). He suggested that SOL may experience a short-term correction to $116 based on Fibonacci retracement levels, but anticipates a rise in the coming months.

Additionally, the analyst highlighted the potential of Ethena's governance token, ENA, within the decentralized finance protocol. He expects ENA to continue its upward momentum after retesting the crucial Fibonacci retracement level of $0.76.

The original article was published on COINTURK NEWS.