The post Will Bitcoin and Altcoins Face a Sharp Drop on September 4th, Similar to the July and August 4th Declines? appeared first on Coinpedia Fintech News
According to analyst Miles Deutscher, Bitcoin is nearing the end of it’s destructive ‘capitulation phase.’ However, he also said that BTC might trade sideways for a few more weeks before establishing a clear uptrend. During this phase, the analyst said that any major pullback would create an opportunity to accumulate various altcoins.
In his latest analysis video, Miles opened up about “Total 3,” which represents the altcoin index excluding Bitcoin and Ethereum. The index is currently in a downtrend, with a critical breakout level around $560 billion. This level, according to him, is crucial; the index briefly dropped below it, hinting at a possible bearish retest.
The analyst said that if this theory of bearish retest is proven right, there might be one more drop (a “Wick”) similar to those on July 4th and August 4th. Such a drop could present an excellent buying opportunity at the bottom of the red zone, a historically good area for purchasing altcoins.
He then listed and discussed few altcoins:
Sui (SUI): The analyst points out two key levels: the high timeframe level at $0.90 and the range low from August 4th. Investors can either buy after a confirmed uptrend or bid in the support zone, especially during a big liquidation event.
Pepe (PEPE): Similar to Sui, the analyst suggests waiting for a confirmed uptrend or bidding in the support zone around the bottom of the August 4th liquidation wick.
Solana (SOL): There’s been a lot of negative sentiment (FUD) around Solana recently. The analyst sees potential buy zones between $120 and $130, with $90 being a worst-case scenario. Despite the current weakness, they believe Solana remains a strong performer in the long run.