Cryptocurrency analyst and strategist Altcoin Sherpa warned of a collapse for memecoins like PEPE while sharing his latest analysis of Bitcoin (BTC), two of the most popular altcoins of recent days.
Altcoin Sherpa shared a BTC chart, noting that Bitcoin continues to lack a clear uptrend or downtrend and continues to trade sideways. Looking at the price chart shared by the analyst, it is seen that Bitcoin has been moving in the range of $ 25 thousand to $ 30 thousand for the last 48 days. Pointing out that the previous decline range of Bitcoin was in the range of about $ 19,500 to $ 25 thousand, and the price movement in this range took 57 days, Altcoin Sherpa made the following assessment:
The problem with Bitcoin in the last six months for most investors is that there is no constant trend environment like in 2020 and 2021. There are a lot of downtrends in general and only a few uptrend weeks are followed by a longer downtrend. Know yourself and where to trade.
Altcoin Sherpa also made evaluations for the new Layer 1 Blockchain, Sui Network (SUI), which is on its radar. Based on Fibonacci retracement levels, a technical analysis method for identifying support and resistance levels for an asset, the analyst believes that the SUI $1.29 lower range will revisit, though he believes the SUI to $1.24 if Bitcoin price falls. He warned that it could regress to:
We expect SUI to eventually drop to around $1.29, but I think if Bitcoin goes down, it will drop more. Still, BTC seems to be in some accumulation phase as long as it is stable.
Analyzing Pepe (PEPE), which has made a name for itself with its big debut in recent days and has been rapidly rising, Altcoin Sherpa warned that PEPE and other memcoins will likely collapse and said:
PEPE and the like are going to the moon like all other memecoins. However, I would like to warn that their rise will be short-lived and they will all fall to $ 0. In the next few weeks, I think there will be the big crash in this casino that I’m talking about. It’s always the same story.