Benzinga – Bitcoin (CRYPTO: BTC) is currently at a critical juncture, according to a prominent crypto analyst. The analyst also updated the outlook for altcoins Solana (CRYPTO: SOL) and dogwifhat (CRYPTO: WIF).
What Happened: On Friday, crypto strategist DonAlt took to X, formerly Twitter, and shared insights on the current state of the crypto market with 562,700 followers. “$BTC at a do-or-die weekly level here as I stated before I really don’t like the $60k range low for another test,” the analyst stated.
$BTC
At a do-or-die weekly level here
As I stated before I really don’t like the $60k range low for another test
This one is better, untested support
If it breaks I think we’ll go to the next support indicated, if it holds new ATHs are likely pic.twitter.com/ROZ1oQZ001
— DonAlt (@CryptoDonAlt) June 21, 2024
DonAlt pointed out that BTC’s weekly chart suggests a potential breakout or a further decline. He also noted that BTC is emerging from a 100-day trading range, hinting at a significant trend-forming breakout.
See Also: Bitcoin, Ethereum, Dogecoin Remain Rangebound: Analysts Says ‘The Reversal Is On The Horizon’
100+ days of range on BTC coming to an end soon
I’m guessing the breakout that’s about to happen is gonna be trend-forming and will at least be maintained for as long as we’ve been ranging
Gonna be fun to trade majors again
— DonAlt (@CryptoDonAlt) June 20, 2024
His comments were first spotted by The Daily Hold.
Despite BTC’s sideways movement, the smart contract platform Solana has seen a surprising drop. DonAlt highlighted a 37% decrease in SOL’s value against the USD.
$SOL has been rugging in slow motion
Just day after day after day red
Already down 37% against USD from the top
Kind of wild to see given BTC has just been going sideways pic.twitter.com/96Oz6RMoiJ
— DonAlt (@CryptoDonAlt) June 21, 2024
Regarding the meme coin dogwifhat, the analyst was blunt, stating that it “just looks like sh**” after a sharp price decline. He also called out WIF holders for being overly emotional about the coin’s price.
I’m not even short WIF right now, so you can’t pin this on me, it just looks shit
Call me biased however much you want, down means down pic.twitter.com/lILXHKJokN
— DonAlt (@CryptoDonAlt) June 21, 2024
$WIF holders all over my mentions taunting me for this current green daily candle
Can’t say I hate this new dynamic, makes Twitter quite entertaining
Never have I seen market participants this emotionally charged about simple up/downmoves pic.twitter.com/LBJjxWpSxW
— DonAlt (@CryptoDonAlt) June 19, 2024
Why It Matters: Previously, it was reported that long-term Bitcoin holders and miners, known as “whales,” sold over $1 billion worth of Bitcoin in the past two weeks. This has raised concerns about the lack of demand growth from large Bitcoin holders and a slowdown in stablecoin liquidity.
Meanwhile, other analysts have also made predictions about Bitcoin’s future. Justin Bennett, a crypto analyst with a significant following, has warned of a potential 18% decline in Bitcoin’s value. He pointed to a recent breakdown of the October 2023 trendline, suggesting that a plunge to $54,000 is a possibility.
However, not all predictions are bearish. Analysts at Bernstein have maintained a bullish outlook, predicting a Bitcoin rebound in the coming months and a $200,000 price target for 2025.
Read Next: ‘Dogecoin Killer’ Shiba Inu Drops 12% In 7 Days, But ‘It’s Not Done Yet,’ Says Trader
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Bitcoin illustration via Shutterstock.
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