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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.
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’
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.
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.
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.
