A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC) amid a recent correction.
The trader pseudonymously known as Sherpa tells his 246,700 followers on the social media platform X that Bitcoin is still in a “strong bullish trend” despite breaking below the $106,000 support level.
According to the widely followed analyst and trader, Bitcoin is primed to “bounce” as there is strong support at around the $104,000 price level.
Based on Sherpa’s chart on the four-hour time frame, Bitcoin could fall lower to just above $103,000 and then trade sideways for a while in a consolidation zone.
“Things look okay for now, I would expect more pokes around this area but the longer the time spent here, the better in my opinion. You want to see a good low form.”
Bitcoin is trading at $105,841 at time of writing.
Turning to Popcat (POPCAT), Sherpa says the memecoin built in the Solana (SOL) ecosystem is one of the altcoins that is in “dangerous territory.” Based on Sherpa’s chart of POPCAT on the four-hour time frame, the memecoin is at risk of breaking a crucial support area after printing a bearish lower high setup.
“Coins that were great before like POPCAT might have just made a lower high and could be breaking this last low. I’m not saying it won’t bounce but I’m much more cautious right now than two weeks ago.”
POPCAT is trading at $0.385 at time of writing, down by around 30% over the past week.
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