Cryptocurrency Analyst Predicts 20% Drop for Bitcoin, Shares Insights on Solana Competitor and Bittensor

A prominent cryptocurrency analyst and trader, known by the pseudonym Sherpa, has recently expressed a bearish outlook on Bitcoin (BTC), forecasting a potential decline of approximately 20%. He shared his insights with his 222,600 followers on the social media platform X, indicating that Bitcoin could drop to around $45,000, a significant support level on the weekly chart.

Sherpa's analysis suggests that this $45,000 mark is crucial, coinciding with the 0.5 Fibonacci retracement level, which is derived from the bull market that began in late 2023 and peaked at an all-time high of approximately $73,800. As of now, Bitcoin is trading at $56,207.

In addition to Bitcoin, Sherpa provided an update on Sui (SUI), a competitor to Solana (SOL). He noted that the price movement of SUI appears promising on the four-hour chart, leading him to consider purchasing the altcoin for short-term gains. However, he cautioned that SUI is not a long-term investment due to upcoming token unlocks that could negatively impact its price in the future. Currently, SUI is priced at $0.849.

Sherpa also discussed Bittensor (TAO), a decentralized platform focused on machine learning and artificial intelligence. He predicts that TAO will trade within a range for some time before potentially breaking out upward. His analysis indicates that TAO might revisit a support level just below $200 before initiating an upward trend. At present, TAO is trading at $238.

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