Top Crypto Trader Details Road Ahead for Bitcoin and Polygon Rival Arbitrum – Here’s His Outlook
A popular crypto strategist is updating his view on Bitcoin (BTC) amid an extended rally and weighing in on Ethereum (ETH) scaling solution Arbitrum (ARB).
Pseudonymous analyst Altcoin Sherpa says his 194,100 Twitter followers that Bitcoin is likely consolidating around its current price value of $28,278 before an imminent breakout.
Sherpa shows a chart illustrating earlier periods of consolidation before big waves. He says that Bitcoin is likely to repeat a similar pattern.
“BTC: Good, solid lows take days and weeks to form. They always feel so choppy/dull as they go, but when you zoom out, it makes sense. These consolidations are healthy. Highs and lows stand out for you on the chart .”
According to Sherpa, Bitcoin is currently in a two-week consolidation phase and urges patience before a possible major outbreak. The seven previous consolidation periods he highlights in 2020 and 2021 range between 25 and 63 days.
“We are currently in a two week consolidation period right now, to determine if we go up or not. Patience…”
Next, Sherpa looks at Polygon (MATIC) rival Arbitrum and sets one range in the short term between $1.30 and $1.50.
“ARB: I think the next significant area of resistance is $1.50, we haven’t seen any 4 hour close above that area. Buy the dip spot will probably be around $1.30. Still think this looks pretty decent overall.”
Arbitrum is trading at $1.33 at the time of writing, up 10.3% in the last 24 hours.
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Featured image: Shutterstock/Oleksandra Klestova/Konstantin Faraktinov
