Bitcoin (BTC) Could Dip Below $50,000 If This Crucial Support Level Fails: Top Crypto Trader

A closely followed crypto analyst said that Bitcoin (BTC) could dip below the $50,000 mark if one major support level fails to hold.

Renowned crypto analyst predicts Bitcoin (BTC) could correct to below $50,000 if a key support level fails to hold.

During a recent strategy session, the pseudonymous trader, known as Altcoin Sherpa, shared his technical analysis with his 219,900 followers on the social media platform X. He discussed BTC’s upcoming crucial price test, which could either propel the coin to new highs or lead to a sharp decline.

“I think that it’s quite simple: If BTC breaks current level, we go to $70,000. If BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).”

According to Sherpa, if BTC’s latest price action is forming a lower high, which he notes might not be the case, the flagship crypto could be headed to the low $40,000s.

“I tremble if this was a lower high just printed for BTC. Don’t quite think it is but if so, price is headed to the low $40,000s. Let’s see.”

Bitcoin is trading at $59,481 at the time of writing, showing a negligible decrease over the last 24 hours.

Next, Sherpa turns his attention to smart contract platform Sui Network (SUI) and wireless connectivity protocol Helium (HNT). He highlights that SUI appears promising on lower time frames.

“SUI: 200-day EMA proved to be a strong resistance area. Still think this one looks promising on lower time frames. I’d be looking at the $0.91-$0.86 area to bid; lots of confluence there.”

SUI is valued at $0.864, showing a 5% decrease over the last 24 hours.

Finally, regarding HNT, a Solana (SOL)-based asset that utilizes hotspots to connect wireless devices to its network, Sherpa notes that the token’s technicals suggest a potential rally to $8-$10.

“HNT: I thought this chart looked beautiful, in since the mid $5s… Targets = $8 and then will leave some for $10 if it goes.”

HNT is trading at $6.99 at the time of writing.

Featured Image: Shutterstock/SvedOliver

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