Trader Says Dogecoin Competitor Headed to the ‘Gulag’ if Support Level Crumbles, Updates Outlook on Bitcoin and Hyperliquid
A widely followed crypto analyst is warning that one Dogecoin ( DOGE ) competitor may suddenly collapse in value.
In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 248,700 followers on the social media platform X that dogwifhat ( WIF ) needs to hold $0.78 as support or it may enter an enduring bearish phase.
“WIF these levels need to hold here or its to the gulag for many of these shitcoins. Scary situation and many of these do have bearish market structures on the lower time frames.”
Source: Altcoin Sherpa/X
WIF is trading for $0.7791 at time of writing, flat on the day.
Next up, the analyst shares a chart suggesting Bitcoin ( BTC ) is gearing up for a massive breakout toward a new all-time high of $124,000.
“Everything is slow bleeding with BTC chopping. It’d be a shame…”.
Source: Altcoin Sherpa/X
He also says that he is remaining bullish on Bitcoin since the flagship crypto asset continues to exhibit market strength amid challenging macroeconomic factors.
“War. No rate cuts. And BTC is still above $100,000? Bullish.”
However, the analyst warns that Bitcoin may have a sudden correction if unexpected negative economic news breaks.
“Not really rushing into too many positions. Currently underwater on some recent buys but that’s ok. I think you can afford to be patient overall. BTC is still at an uncertain area and obviously one bad tweet could send us sub $100,000 quickly. would use this time to rest and research.”
Bitcoin is trading for $104,173 at time of writing, flat on the day.
Lastly, the analyst says that layer-1 protocol Hyperliquid ( HYPE ) may not yet have found a local bottom and may retest the Fibonacci retracement level at $31.84.
“HYPE is pulling back a bit, I think that this thing goes to the low $30s if BTC continues to bleed and chop around. Still, it’s one of the best coins this cycle and I think it’ll eventually go much higher. I’ll still keep a bunch of it staked for now.”
Source: Altcoin Sherpa/X
HYPE is trading for $36.29 at time of writing, down 7.3% in the last 24 hours.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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