‘Be on Guard’: Trader Says Altcoin Bounce May Be Temporary, Tracks Bitcoin’s Next Targets

A widely followed crypto analyst and trader is warning that an altcoin market bounce may end up being short-lived. In a new post, pseudonymous crypto trader Altcoin Sherpa tells his 243,900 followers on the social media platform X that alts may give up gains after bouncing based on historical precedence. He also says Bitcoin ( BTC ) may soon flip $84,000 into support and that the flagship crypto asset could maintain bullish momentum by breaking through the $89,000 level. “BTC looks like $84,000 is the first test that is going to break (to the upside) and we’re ok in that department. $89,000 would be my next level of interest overall. Alts looking like they’ll give a temporary bounce but not sure how strong (yet). Be on guard.” Source: Altcoin Sherpa/X Looking at his chart, the analyst suggests that if Bitcoin can regain $98,703 as support, the flagship crypto asset may print new all-time highs. However, he warns if $78,167 breaks down as support, Bitcoin may plummet into the $60,000 range. Bitcoin is trading for $84,154 at time of writing, up 4.6% in the last 24 hours. The analyst also warns that altcoins like the dogwifhat ( WIF ) memecoin may struggle for a long time to ever regain higher price targets if Bitcoin turns bearish. “It’s a lot more concerning for sh**coins this go around because BTC might actually be dead for a bit. In the previous drawdown, we had a lot more hope because we assumed BTC still had more upside. If BTC dies to $50,000 or w/e (whatever), these aren’t coming back for a very long time. See WIF.” Source: Altcoin Sherpa/X WIF is trading for $0.50 at time of writing, up 9.7% in the last 24 hours. He adds that altcoins may bounce even as they continue to print a bearish lower-high price structure. “As much as everything is dead and we’re truly in a bear market for altcoins, it’s important to remember that a bounce will come and alts can still do a few x from current levels. Markets don’t move in a straight line down. Bounce coming within the next one to two months in my opinion.” He shares the two-day chart of Ethereum ( ETH ) to illustrate the historical precedence of an altcoin bouncing amid a larger downtrend. Source: Altcoin Sherpa/X Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix 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. Generated Image: Midjourney The post ‘Be on Guard’: Trader Says Altcoin Bounce May Be Temporary, Tracks Bitcoin’s Next Targets appeared first on The Daily Hodl .