Crypto Analyst Warns: Beware Meme Coins Amidst Bitcoin’s Consolidation

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Written By Pinang Driod

On Crypto Banter’s channel, analyst Sheldon has issued a warning. He discussed Bitcoin’s recent sideways movement, saying it does not indicate a directional trend but rather a consolidation phase. Despite attempts to push for a lower low, Bitcoin remains in a bull flag pattern, signaling potential for upward movement in the near term.

While altcoins continue to attract attention, Sheldon issues a reality check for investors. He warns against excessive speculation in meme coins, cautioning that many have recently experienced significant losses. 

Looking ahead, Sheldon anticipates a potential move toward the top of the current range, projecting Bitcoin’s price to reach $69,000 to $70,000 in the short term. He advises traders to capitalize on opportunities presented by market dips, stressing the importance of strategic decision-making amidst volatility.

Bitcoin Dominance and Altcoin Opportunities

Sheldon explains Bitcoin dominance as a key indicator for altcoin performance. He said that Bitcoin dominance saw another significant downturn, with a large red candle forming on the 12-hour chart. While the market experienced a slight pullback, dominance showed a marginal increase.

However, as the market shows signs of recovery with green candles emerging, dominance is anticipated to decline again. This could signify a favorable environment for altcoins, with potential for significant gains.

Looking at how prices are changing, there’s a big red candle, covering up the green one before it. This could mean the direction of things might change, possibly going down. If this keeps up and there’s a bounce back up, it might be a good time for traders to get in, maybe making a lot of money, like 20% to 40% more.

According to him, Ethereum is also performing well, and it is priced at $3,600. He concluded that it could go up by about 10% to 15%.

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