A well-known crypto expert believes that a popular altcoin project is facing potential collapse.
Altcoin Sherpa, an analyst known by this pseudonym, shared with his 217,600 followers on the social media platform X his view that dogwifhat (WIF) might not have hit its lowest point in the market yet.
“WIF: showing some promise, I anticipate a rebound. However, I don’t believe this is the ultimate bottom. Significant retracement overall and anticipating further decline.”
Upon analyzing his chart, the expert predicts that WIF could see a bounce to approximately $2.50 before descending to the Fibonacci retracement level at $1.26.
On December 20th, WIF was valued at $0.148, and currently sits at $2.01, marking a remarkable increase of 1,258%.
Moving on, the analyst notes that Bitcoin’s (BTC) price movement on the daily chart remains within a trading range, awaiting confirmation of a trend.
“BTC: keep it simple with your charts and stay calm. Typically, the equilibrium price is not the ideal trading spot, but let’s see how things unfold.”
As of now, Bitcoin is trading at $64,922, showing a slight increase in the past 24 hours.
The expert also draws parallels between the current crypto market and the late 2020 crypto cycle, where altcoins, such as Solana (SOL), experienced a decline before embarking on significant rallies.
“I keep referring back to this thread as I believe it holds relevance today. I believe we are currently in the yellow boxes. Most altcoins may have more room to fall, and I am waiting for Bitcoin to stabilize before altcoins begin to rise.”
Solana is currently priced at $133, showing a decrease of over 2% in the last 24 hours.
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