Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH), and One Altcoin That Exploded 225%: Top Crypto Traders
A widely followed trader explores the near-term outlook for the two biggest crypto assets and an altcoin that has recently posted massive gains.
Starting with Bitcoin (BTC), the trader known as the Altcoin Sherpa says his 180,600 Twitter followers that the flagship crypto asset can maintain its bullish momentum if it manages to overcome a key resistance level.
“BTC: Getting closer and closer… We break $24,000 solid and I think we’re looking at high $20,000.”
Bitcoin is trading at $23,752 at the time of writing.
Altcoin Sherpa also highlights a number of technical indicators suggests that a move to the upside appears imminent. However, he remains cautious that BTC could still possibly resume its bear market lows.
“BTC: A few notes:
-First potential bullish major on the four-hour chart since late March.
-First bullish exponential moving average since March.
– Still high timeframe bearish on the daily chart.
-NOT a macro reversal in my opinion, doubtful it goes past high $20,000.
-I still believe that $17,000 will be swept in the end.
Looking at Ethereum (ETH), Altcoin Sherpa says the second largest crypto asset by market capitalization is likely to continue to outperform other crypto assets. The crypto strategist shares the Solana vs. Ethereum (SOL/ETH) chart to show that SOL is in a downtrend against the leading smart contract platform.
“Is ETH going to continue to outperform everything (including BTC)? Or is there something else that will outperform it? Interesting to watch the tier 1/ETH pairs right now: SOL and AVAX.
I personally think ETH just keeps outperforming in the interim, but that’s just me.”
Altcoin Sherpa says it’s the same case for the Avalanche against Ethereum (AVAX/ETH) pair.
Ethereum is changing hands at $1,714 at the time of writing.
Another altcoin on the trader’s radar is the Ethereum hard fork Ethereum Classic (ETC). The smart contract platform surged from $13.92 on July 14 to its most recent high of $45.27 on July 29, an increase of more than 225% in about two weeks.
Altcoin Sherpa says that Ethereum Classic will likely have one more leg against its immediate resistance before a correction can take place.
“ETC: I’ve been away for the last 10 days relatively speaking, so I missed this whole move. Looking for shorts in the high $30s. I think this is a decent brevity due to the amount of time spent between each peak + this has to cool. I have my warnings.”
Ethereum Classic is trading at $40.17 at the time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Bruce Rolff
