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High crypto analyst Benjamin Cowen is warning that one Ethereum (ETH) rival might plummet like Cardano (ADA) did final cycle.
Cowen tells his 754,600 followers on social media platform X that Solana (SOL) is prone to dropping key help ranges that would ship it right down to $10, a greater than 50% decline from its present worth.
“Good probability SOL sweeps the lows, similar to ADA did final cycle.”
From about Could 2019 to Could 2020, Cardano fell from about $0.10 to $0.028, in response to his chart.
Solana is buying and selling for $21.67 at time of writing, up 5.4% within the final 24 hours.
The analyst additionally suggests Bitcoin (BTC) might kind a double backside sample and return to the $13,000-$14,000 vary, earlier than a transfer to the upside as soon as the Federal Reserve pivots in early 2024.
“Bitcoin: A situation to think about.
This potential situation is a decrease low. In fact, a case could possibly be made for a double backside (2015) or larger low (2018-2020), however I’d at the least hold the 2019 excessive in thoughts ($13,000-$14,000).”
He says one other risk is that Bitcoin declines to the $16,000-$17,000 vary earlier than a transfer to the upside initially of the 12 months, reaching $24,000 heading into April.
“The put up [of a double bottom] appears to have ruffled some feathers. Here’s what the next low/double backside may appear like for BTC. I feel individuals ought to simply ready for varied outcomes, which is why I posted the preliminary chart. I can guarantee you that I don’t know of the particular path.”
Bitcoin is buying and selling for $26,440 at time of writing, up 1.6% within the final 24 hours.
Subsequent up, the analyst weighs in on Litecoin (LTC).
He believes the peer-to-peer funds community won’t rally till after Bitcoin’s halving, which is slated in April 2024, primarily based on historic value motion. He additionally thinks Litecoin will underperform Bitcoin even when it does make a transfer to the upside.
“Keep in mind, LTC tops out earlier than its halving, sells off into it, after which stays weak till a number of months after the BTC halving. Even then, it would possible underperform BTC.”
Litecoin is buying and selling for $65.61 at time of writing, up 1.3% within the final 24 hours.
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