Bitcoin Is Still in a Strong Bullish Trend Despite Losing Major Support Level, Says Trader – Here’s His Outlook

A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin ( BTC ) amid a recent correction.

The trader pseudonymously known as Sherpa tells his 246,700 followers on the social media platform X that Bitcoin is still in a “strong bullish trend” despite breaking below the $106,000 support level.

According to the widely followed analyst and trader, Bitcoin is primed to “bounce” as there is strong support at around the $104,000 price level.

Based on Sherpa’s chart on the four-hour time frame, Bitcoin could fall lower to just above $103,000 and then trade sideways for a while in a consolidation zone.

“Things look okay for now, I would expect more pokes around this area but the longer the time spent here, the better in my opinion. You want to see a good low form.”

Bitcoin is trading at $105,841 at time of writing.

Turning to Popcat ( POPCAT ), Sherpa says the memecoin built in the Solana ( SOL ) ecosystem is one of the altcoins that is in “dangerous territory.” Based on Sherpa’s chart of POPCAT on the four-hour time frame, the memecoin is at risk of breaking a crucial support area after printing a bearish lower high setup.

“Coins that were great before like POPCAT might have just made a lower high and could be breaking this last low. I’m not saying it won’t bounce but I’m much more cautious right now than two weeks ago.”

POPCAT is trading at $0.385 at time of writing, down by around 30% over the past week.

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