Bitcoin and altcoins have been experiencing sudden and sharp drops recently. Although these decreases create a pessimistic atmosphere in the market, investors are looking forward to a rise.
Using the pseudonym Altcoin Sherpa, evaluating the declines experienced, the analyst examined SUI, PEPE and Bitcoin in the Youtube video he published yesterday.
The analyst, who first evaluated SUI, stated that the price of SUI is open to manipulation.
Noting that it is very easy for market makers to manipulate SUI, Altcoin Sherpa said that it would be very profitable to buy SUI at $1 levels.
“It is very easy for market makers to manipulate SUI.
So to be frank and honest, buying at $1 levels would probably be quite profitable.
However, if Bitcoin price drops, SUI may also drop by over 20% and the next level for SUI will be $0.80-0.82.
Secondly, the analyst, who evaluated PEPE, said that there was a high transaction volume in PEPE. Pointing out that the current price range of PEPE is a very strong area, the analyst said, "I think the current level of PEPE is a support area and we expect the price to bounce. According to the chart, there is room for an uptrend. However, it is not known how high it will rise." said.
Adding that there is still a PEPE position, the analyst stated that the performance of PEPE also depends on BTC.
$PEPE: I think this is a support area; expecting price to bounce. Fib level + higher volume area on VPVR, S/R level. Not sure how high it goes but let's see.
*I still have a PEPE position. pic.twitter.com/gj1Sf1nz4E
— Altcoin Sherpa (@AltcoinSherpa) May 12, 2023
"Be Careful With Bitcoin!"
Finally, the analyst, who examined Bitcoin, said that when the base price was broken in BTC, severe downward movements were seen.
Noting that this drop is not a small resistance breakout, the analyst stated that these decreases usually bring a series of liquidations and 20% bearish candles.
“One thing to note here. In Bitcoin, when the bottom for a price action gives up, we see violent ass movements.
It's not just a minor breakout of resistance, we often see a series of liquidations and -20% candles.
In this context, it wouldn't be surprising to see BTC go deeper than I thought." I'm not saying BTC will go like 20,000 after the move I expected, but just be on the lookout.
While I think $25,000 is still a very strong support level, we could see a sharp drop to $23,000 before there is a big wick and buyers step in. Just be careful."
$BTC: 1 thing to note here guys is that when the floor gives out for this type of price action, we see violent ass moves. It's not just a small break of resistance, it's usually a cascade of liquidations and -20%+ candles. Wouldn't be surprised to see it go deeper than you think pic.twitter.com/mpZzeq2aaX
— Altcoin Sherpa (@AltcoinSherpa) May 11, 2023
Bitcoin, which has fallen by 9.77% in the last week, continues to be traded at $ 26,403 at the time of writing.
*Not investment advice.
