- An analyst said BTC had formed solid support on the 4-hour chart.
- Another analyst encouraged his followers to stack more altcoins or meme coins.
- The 50 EMA crossed the 200 EMA on the BTC daily chart, suggesting a rise toward $75,000.
Crypto analyst Ali Martinez posted on X, saying that Bitcoin (BTC) had formidable support on the 4-hour chart that could prevent it from dropping. According to him, this support might ensure that the price rebounds from the recent lows.
However, he also mentioned that if BTC does not break through the 200 EMA, then the value of the coin might decrease.
However, another analyst with the handle SlumDOGEMillionaire told his followers not to put a lot of money into Bitcoin. According to him, the coin might not be able to produce high returns as it has done in previous cycles.
SlumDOGEMillionaire then added that altcoins like Solana (SOL), and Avalanche (AVAX) could provide greater returns. Besides these cryptocurrencies, the analyst also encouraged his followers to keep an eye on meme coins.
Some of the meme coins he mentioned include dogwifhat (WIF), Pepe (PEPE), and BRETT on Base. At press time, Bitcoin’s price was $66,887. But before the recent decline, the value climbed above $69,000.
Bitcoin Price Analysis
From a technical perspective, the daily chart showed that Bitcoin showed bullish potential. This was evident in the trend shown by the Exponential Moving Average (EMA). As of this writing, the 50 EMA (blue) had crossed over the 200 EMA (orange).
However, if BTC falls below $63,279, the price drops below $57.105. On the other hand, if Bitcoin sustains its momentum at a higher level, the price might extend toward $70,000. In a highly bullish case, the value of Bitcoin might climb past $75,000.
Meanwhile, traders might need to be careful as volatility around the coin might surge. Should this be the case, BTC might experience massive price fluctuations which could either capitulate the value or drive it higher.
In conclusion, the opinion that PEPE, WIF, SOL, and some other altcoins might outperform Bitcoin could be valid considering the difference in market cap.
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