The cryptocurrency market was hit hard by a sharp sell-off after Bitcoin lost $60,000. Some analysts say this downward wave will continue. Others see the decline as a buying opportunity. One analyst with a large following warns of further declines for Bitcoin. However, the analyst predicts rallies for 2 altcoins.

Altcoin Sherpa: SOL will go over $500 this year!

Cryptocoin.comAs you have been following from ‘Bitcoin, the market has had another bloodbath. Sales accelerated after the leading crypto Bitcoin lost its $60,000 support. Many altcoins were deeply hurt by the sell-off. However, there are those who see this as an opportunity for a new move. The analyst, nicknamed Altcoin Sherpa, predicts that Solana (SOL) will make a parabolic rally to over $500 later this year. However, the analyst notes that it will retest $120 before that. In this context, the analyst makes the following statement:

SOL: as long as the altcoin market continues to bleed, $120 might be the next area of interest. However, I still feel strongly that SOL will go to $500+ this year. Dollar cost averaging and be patient.

Source: Altcoin Sherpa

Meanwhile, Solana was trading at $124 at the time of writing, down nearly 4% in the last 24 hours. SOL lost over 21% on its weekly chart.

“I expect AVAX to do well this cycle!”

After Solana, the analyst looks to smart contract platform Avalanche (AVAX). Altcoin Sherpa predicts that AVAX will rise after holding $31.18 as support. Accordingly, the analyst shares the following assessment:

AVAX: I haven’t checked this chart in a while, I sold all my AVAX at $40 on the first rise. I expect this to be good only this cycle. There are better narratives and ‘better technology’. One thing this has is more supply in the market and less selling pressure, something to consider.

Source: Altcoin Sherpa

Meanwhile, AVAX was trading at $32.17, down 2.5% in the last 24 hours. The token fell over 17% on its weekly chart.

Analyst warns of a Bitcoin slump

Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). The analyst warns that BTC will fall below $50,000 if it fails to maintain an important support range below $60,000. The analyst expresses his views on this issue as follows:

BTC: This area is still support until shown otherwise. While I agree that it is scary and this looks like a weakening area (the more it is tested, the weaker it gets), this is still an area to bid. If it breaks below, I think we will see the low to mid $50,000s.

Source: Altcoin Sherpa

Bitcoin, meanwhile, has lost support for $60,000 in the last 24 hours. At the time of writing, the cryptocurrency was trading at $57,781 at the time of writing, down 5.3%. BTC was down 12.6% on the weekly chart.