Top Crypto Strategist Predicts Big Bitcoin Breakout, Updates Outlook on Ethereum Rival and Two Additional Altcoins
A widely followed crypto analyst says Bitcoin (BTC) is preparing for a major breakout to the upside as he updates his forecast for Solana (SOL) and low-cap altcoins.
Pseudonymous crypto trader Altcoin Sherpa says his 187,800 Twitter followers that Bitcoin could rise more than 30% from its current value of $27,569.
Showing a daily chart of the latest Chicago Mercantile Exchange (CME) trading gaps for BTC, Sherpa predicts that Bitcoin will rise to a gap formed at the $36,000 level, which is the next gap above the $28,000 price level.
Traders tend to be on the lookout for price gaps, as these trade gaps are often filled.
Says Altcoin Sherpa,
“BTC: Target acquired at $36,000.”
Then the handler the sets his sights on Ethereum (ETH) competitor Solana, predicts two possible scenarios.
One of his predictions has Solana rising to around $40 and the other has SOL undergoing a subdued rally to around $25.
“SOL: I have no idea what’s going on with this chart. There are a few different ways it can go; either some kind of cup and handle type thing now or a double bottom. I still don’t know what long-term effects the FTX situation will have on it.”
Solana was trading at $20.33 at the time of writing.
Altcoin Sherpa too look on the original resource of the non-fungible token (NFT) marketplace Blur (BLUR).
Based on Fibonacci retracement levels, a method of technical analysis to determine an asset’s support and resistance levels, the trader predicts that Blur will fall to around $0.58, or 0.50 on the Fibonacci scale.
“BLUR: this piqued my interest, would probably bid around 0.50 fib here.”
He too notes a large amount of trading volume gathering around the $0.58 level on the four-hour chart, along with several exponential moving averages (EMAs) also converging at that point.
“The four-hour period gives a little more clarity. Huge volume around $0.58, lots of EMAs lined up there. The four-hour 200 EMA acts as resistance initially as expected.”
Blur is worth $0.58 at the time of writing.
The latest altcoin on the trader’s radar is decentralized lending protocol Liquity (LQTY), which he says is likely a local bottom of $2.08.
“LQTY: This is forming a bottom, in my opinion.”
Liquidity is worth $2.24 at the time of writing.
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