The global economy remains unstable, and rising costs have prompted many to consider Bitcoin as an investment option. However, before jumping on the bandwagon, it’s critical to consider what Altcoin Sherpa, a well-known cryptocurrency expert, has to say.
Sherpa’s Positive Bitcoin Forecast
Despite recent gains, Altcoin Sherpa warns that Bitcoin is trading sideways with no discernible pattern. For the past 48 days, Bitcoin has fluctuated between $25,000 and $30,000, and its strength is why many experts prefer it to Gold and fiat money, which are collapsing due to the global crisis.
SUI Network
Sui Network (SUI) is gaining traction and attracting traders’ attention. Based on Fibonacci retracement levels, Altcoin Sherpa believes that the blockchain will drop back to the $1.29-$1.27 zone. However, he warns that if Bitcoin falls, SUI might fall even more to $1.24. Despite this, Sherpa feels that as long as BTC is stable, SUI is in an accumulation phase. Sui Network’s value has dropped by 1.9% in the last 24 hours and is now at $1.31.
Pepe (PEPE)
The trader then speaks about Pepe (PEPE), a meme coin that debuted last month, and its recent price spike. He anticipates that Pepe and other meme coins will lose value. According to Sherpa, PEPE variants are hot right now, but all other meme coins are on the rise. These coins will all expire and have a short existence. He believes the next few weeks will be a terrible shambles, as they always are.
Arbitration (ARB)
Finally, Sherpa uses EMAs and Fibonacci retracement levels to forecast a possible drop in Arbitrum’s price to the $1.15-$1.20 zone. He claims lower liquidity as a result of the popularity of meme currencies and “coins of the month.”
Overall, Bitcoin has increased by 1.5% in the last 24 hours to $29,305, while Sui Network has decreased by 1.9% to $1.31 and Arbitrum has increased by 3% to $1.36. Despite the volatility of the cryptocurrency market, Sherpa’s analysis can assist investors in making more informed decisions.
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