A widely followed crypto analyst is warning traders to stay away from Bitcoin (BTC) in the short term, while updating his outlook on a surging Ethereum (ETH)-based altcoin.
In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 247,600 followers on the social media platform X that the top crypto asset by market cap has seen “cancerous” price action during the last few days.
“Cancerous price action for BTC the last few days, better to stay away from the market if in active trades (impossible).”
According to Sherpa, the flagship digital asset could dip down to the low $104,000 range if it loses its current support level.
“Still choppy, no real momentum in either direction right now. Still long but pretty small size (still have spot). Wouldn’t be surprised to see the low $104,000 at this point if current level doesn’t hold for BTC.”
BTC is trading for $104,549 at time of writing, a fractional decrease on the day.
Moving on to the S&P 500-based parody memecoin SPX6900 (SPX), the analyst says that its chart appears healthy and that the asset should continue its upward ascent as long as BTC remains stable.
“I don’t care what you people say, that chart is pretty damn incredible given the conditions. This one goes higher in the mid-term as long as BTC is stable, in my opinion.”
SPX is trading for $1.18 at time of writing, a fractional decrease on the day. On May 7th, it was valued at just $0.477.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/badrus soleh/Sensvector
