Bittime - The cryptocurrency world is filled with anxiety. The shadow of an altcoin price correction is starting to haunt investors. Well-known crypto analyst, Altcoin Sherpa, through his tweet on the social media platform X which is followed by 214,900 followers, gave a warning signal regarding the potential for altcoin prices to weaken in the coming months.
Sherpa predicts that most altcoins will likely enter a long-term consolidation phase. "It is possible that altcoins will experience a correction over the next one to four months," he wrote.
"Indeed, there will be some altcoins whose prices will shoot up, but overall, most altcoins need time to 'rest' and consolidate after experiencing a significant price increase."
Chainlink (LINK) Price Prediction
For example, Sherpa observed the price movements of Chainlink (LINK), a provider of decentralized oracle services for smart contracts. According to him, the current LINK price correction reflects the situation experienced by many other altcoins.
After experiencing a long price accumulation phase for more than 500 days, LINK is now experiencing a correction even though the price increase only reached 3-4 times depending on the investor's entry point.
"What is worrying is that many altcoins have not experienced significant price increases over the past few months," Sherpa said. "Just look at LINK. Accumulation for 500 days and the price increase is only 3-4 times, and now the price is falling drastically."
At the time of writing this article, LINK price is around $13.21, down more than 1% in the last 24 hours. Sherpa predicts that only certain sectors in the crypto market will show positive performance in the coming months. Some of them are well-established projects such as Ethereum (ETH) and Solana (SOL).
Altcoin Sherpa Says Ethena (ENA) Price Analysis
In addition, Sherpa also predicts price strengthening in the project sector related to artificial intelligence (AI), memecoins, and new projects such as Ethena (ENA), a governance token launched by Ethena Labs for their decentralized finance protocol, as well as a cross-blockchain sending protocol Wormhole (W).
"Currently market liquidity is fragmented, with only a few sectors experiencing price increases," explained Sherpa. "I think other altcoins will eventually get attention too, but the sectors I'm most focused on are:
- Memecoin
- Back to intrinsic value. With so many tokens having no intrinsic value, established projects such as ETH, SOL, etc., are likely to perform well.
- Big token launch. It's like ENA. They have a lot of financial backing, heavy marketing, and have intrinsic value. Even though tokens like W have underperformed, I think they will move up once BTC stabilizes. Market Maker (MM) will push the price up.
- A.I
At the time of writing this article, ENA is trading at around $0.9311 while W is at $0.5697.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On April 18, 2024, the price of Bitcoin BTC/USDT was at $61,199 per coin, down 3.54% in 24 hours.
Also Read How to Buy Crypto:
Altcoin Sherpa Alert for Cryptocurrency Markets
This warning from Sherpa needs to be heeded by investors, especially those who invest in altcoins. The price correction that occurred on LINK and the potential for similar corrections on other altcoins are worth watching out for.
It is important to conduct in-depth research before investing in altcoins and have a mature investment strategy to deal with the price fluctuations that often occur in the crypto market.
Please note that Sherpa's predictions are based only on his analysis and cannot be used as a guarantee of future altcoin price movements. Investors should always do their own research and consider various factors before making an investment decision.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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