By Scott Galbraith
A well-known Cryptocurrency analyst has predicted a bearish movement for Fantom (FTM) and two other altcoins while revealing that Bitcoin (BTC) might experience more price drops. Altcoin Sherpa, a Pseudonymous analyst, made the revelation through a tweet on his Twitter page as he tells his 184,900 followers that smart contract-based blockchain Fantom is crashing.
Altcoin Sherpa is also predicting a bearish movement for the native token of the decentralized derivatives exchange, Injective Protocol, INJ. According to him, he is heavily removing his investment in the token because of a significant downward trend.
Another altcoin he talked about with his Twitter followers is the native token of the decentralized application (DApp) platform Near Protocol (NEAR). He said the token is at a resistance level but weak and may drop more.
“Although I have not checked the project for some time now, the current price level looks very uncertain.” Then, moving over to Bitcoin (BTC), Altcoin Sherpa says that the world’s most popular crypto will drop since it has stayed around the $19K levels since June.
He also said that there are two low price levels he believes Bitcoin will touch according to previous price action. “I believe more focus should be on the $16,000, $14,000, and $12,000 levels. I’m not sure if this will drop to these low prices. But investors and traders should be prepared.”
BofA Says BTC Price Change May Be A Good Sign.
According to Bank of America (BofA) analysts, BTC’s current price movement, as opposed to altcoins, may be a sign that investors are considering it a haven again after a long bear season. In addition, the world’s most popular crypto has a 40-day correlation with Gold at around 0.50 after being at zero in August this year.
The price correlations are more with the S&P 500, at 0.69, and Nasdaq 100, at 0.72. But they’ve dropped and are below previous levels in the past months. Meanwhile, BTC has been trading as a risk asset since 2020.
This was when stimulus checks flooded the economy during the pandemic, and central banks such as Federal Reserve increased rates to fight against inflation.