Altcoin Sherpa, a well-known crypto strategist, believes that a popular altcoin project is on the brink of collapse. With a following of 217,600 on the social media platform X, the analyst shares his thoughts on dogwifhat (WIF), suggesting that it may not have hit its market bottom yet.

According to Altcoin Sherpa, WIF is in a decent area overall, and he expects a bounce. However, he does not believe that this is the overall bottom, anticipating a strong retrace and lower levels. Looking at his chart, the analyst predicts that WIF could bounce to around $2.50 before dropping down to the Fibonacci retracement level at $1.26. WIF was trading for $0.148 on December 20th and has since increased to $2.01, marking a gain of 1,258%.

Moving on to Bitcoin (BTC), Altcoin Sherpa states that its price action on the daily chart is currently hovering in the middle of a trading range, and he is waiting for a trend confirmation. Bitcoin is trading for $64,922 at the time of writing, showing a slight increase in the last 24 hours.

The analyst also draws comparisons between the current crypto market and the crypto cycle in late 2020, indicating that alts, including Solana (SOL), may experience further declines before taking off on massive rallies. Solana is trading for $133 at the time of writing, down more than 2% in the last 24 hours.

Altcoin Sherpa’s insights and analysis provide valuable information for crypto traders and investors. However, it is important to note that opinions expressed are not investment advice, and investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.