Cryptocurrency traders are always on the lookout for potential price movements in the market, and one trader known as Altcoin Sherpa has issued a warning about Bitcoin’s future. With a significant following of 239,300 on the social media platform X, Altcoin Sherpa believes that if Bitcoin loses support at $90,000, the flagship cryptocurrency could see a drastic drop to the low $80,000 range.
The trader also points out that Bitcoin’s bearish trend may continue as the US government decides what to do with the seized Bitcoin from the Silk Road darknet marketplace. Reports have surfaced that the government has been legally cleared to sell over 69,000 BTC, which could have a significant impact on the market.
Altcoin Sherpa expressed his concerns by stating, “If people get over-levered, then it could get ugly if we lose $90,000 or so. Hoping we can absorb it but not feeling super confident. Wouldn’t be super surprised If we wick down to mid, low $80,000s in some scenarios.”
Currently, Bitcoin is trading at $94,776, showing a 2.8% increase in the last 24 hours. The trader also shared insights on Solana-based memecoin Fartcoin (FARTCOIN), suggesting that it may experience a decline of over 28% based on Fibonacci retracement levels. Despite the bearish outlook, Altcoin Sherpa remains invested in FARTCOIN and is considering buying more if the price drops to $0.80 or $0.60.
FARTCOIN is currently trading at $0.84, down 2.4% in the last 24 hours. It’s essential for cryptocurrency enthusiasts to stay informed about market trends and potential price movements. To stay updated, subscribing to email alerts and following reputable sources on social media platforms like X, Facebook, and Telegram can provide valuable insights.
In conclusion, the cryptocurrency market is always evolving, and traders like Altcoin Sherpa play a crucial role in providing valuable information and analysis to help investors make informed decisions. Keeping a close eye on market developments and being prepared for potential price fluctuations is key to navigating the volatile world of cryptocurrencies.