Top crypto analyst charts the path ahead for Bitcoin (BTC) and Ethereum (ETH) – here are his goals
A top analyst and trader describes the way forward for the two leading crypto assets, Bitcoin (BTC) and Ethereum (ETH).
Starting with Bitcoin, pseudonymous cryptoanalyst Altcoin Sherpa tells his 10,700 YouTube subscribers in a new video that if the flagship digital asset rises above its 2023 high of around $24,200, it would indicate it’s in a bullish phase.
“So we consider this high around $24,000: if it breaks that area cleanly … like a solid break to $26,000 or something at that point I think we could see it come back down, go higher and just keep going up… That, in my opinion, would be a clear bullish market structure at this point.”
However, the pseudonymous cryptoanalyst and trader says a lower high would be a bearish indicator for Bitcoin.
“You know, there are some bearish indicators where you know, if we hit a lower high, come back to say $22,000, $23,000 and then just bring us down or just break down here, obviously at that point we’re just going to go down to $20,000.”
According to Altcoin Sherpa, Bitcoin could rise over 30% from today’s levels and then collapse to the 2022 low below $16,000.
“To be clear, I actually don’t necessarily think the bottom is all the way in. I wouldn’t be surprised if the price continues higher, maybe to $25,000. I’ve always expected it to go to $25,000 – $30,000, and I wouldn’t be surprised if it eventually goes to $30,000.
But it would make a lot of sense to me if the price trades up to $25,000 to $30,000 and then comes back all the way down to $20,000 or something like that. Or $17,000. Or even $15,000.”
Bitcoin is trading at $22,568 at the time of writing.
As for ETH, Altcoin Sherpa says that depending on Bitcoin’s behavior, the second largest crypto asset by market capitalization could increase by over 25% from current levels.
“Ethereum is looking pretty strong overall. I’m really still shooting for the tops around $2000… I personally believe that the $2000 areas will come through as long as Bitcoin is stable.”
According to the pseudonymous cryptoanalyst, traders should wait for Ethereum to rise above the $1,700 resistance level before considering a long entry.
“But would still wait for a break of $1,600 – $1,700 before really considering the $2,000 range.”
Ethereum is trading at $1,577 at the time of writing.
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