Today, the global crypto market has regained its $1 trillion mark as the major cryptocurrencies are all flashing green.
However, a renowned crypto analyst and trader has an update on the most followed cryptocurrencies.
The analyst, pseudonymously known as Altcoin Sherpa, informs his 180,500 Twitter fan base to be cautious with Bitcoin (BTC) as it is expected to see a fall after every upcoming consolidation.
He believes every consolidation period for Bitcoin has caused a pullback in the asset this year. Hence, he expects BTC to witness a similar event in the coming days.
Today, Bitcoin regained its $23,000 level. However, at the time of reporting, Bitcoin is selling at $22,923, with a surge of 7.17% over the last 24hrs.
The analyst took up Solana (SOL), a smart contract network, next. Solana has seen a surge in its price movement.
However, Altcoin Sherpa believes that when the 4-hour exponential moving hour (EMA) is considered, SOL will plunge between $30 to $32 before seeing a new uptrend.
At the moment, Solana is selling at $39.45 after a push of 7.03% in the last 24hrs.
The last coin that caught the trader’s attention was the Bored Ape Yacht Club’s (BAYC) project- ApeCoin (APE). Altcoin Sherpa claims to be bearish on the token upon considering the 1-day candles.
The strategist also points out several Fibonacci areas where APE could surge a bit with a short-term bounce
Currently, ApeCoin is valued at $6.61, with a surge of 12.78% over the last 24hrs.