Top Crypto Trader Predictions What’s Next for Bitcoin, Ethereum and One Altcoin Up Over 120% in Two Months
A popular analyst is setting updated price targets for a trio of cryptocurrencies as markets head into the weekend.
The pseudonymous crypto trader Altcoin Sherpa first investigating the possibility that Bitcoin (BTC) is in an accumulation phase and preparing for a major rally in the coming weeks, but warns his 182,600 Twitter followers that prevailing bearish sentiment makes this hypothesis unlikely.
“I don’t see this as the bottom quite yet, but if it is, I expect $18,000 to be taken out anyway.
A kind of double bottom / longer accumulation bottom are two potential patterns that you can see.
Still, the trend is bearish, so don’t expect this.”
The analyst says he is closely watching the $19,000 level as a zone of strong support for BTC, but warns inexperienced traders against investing in Bitcoin at that price.
“I still think $19,000 is the area of interest for me, a lot of support around there.
It’s a very choppy environment, I wouldn’t recommend active trading unless you know what you’re doing.”
Bitcoin’s price went on a roller coaster ride all week, currently priced at $19,920.
Altcoin Sherpa next analyses the mid-August price surge that briefly sent Ethereum (ETH) back above $2,000. He sees $1,730 as a possible make-or-break zone for the leading smart contract platform.
“I still think this recent move was a bear market rally, but I’ll continue to watch it — if we see a strong break at the recent highs, maybe some sort of [cup and handle] will the pattern play out?
$1,730 remains a strong area to watch.”
The analyst next gives a chart that plots Ethereum’s Exponential Moving Average (EMA) winding through four-hour candlesticks dating back to early July. He predicts a breakout above $1,800, but is still unsure where ETH will go next.
“It’s nice to see the EMAs reset a bit. I wouldn’t be surprised to see this is the relative bottom.
I think we see more range a little longer and then a move up to $1800 at the low – after that I have no idea.
See double tops.”
Ethereum saw a largely positive week of trading, quickly recovering from a dip below $1,500 last Sunday.
ETH is currently priced at $1.573.
Last on the charts expert’s list is Chiliz (CHZ), the utility token of sports fan engagement platform Socios.com which has been on an incredible ride in recent weeks. The CHZ token is up over 130% since the beginning of July.
Altcoin Sherpa mean Chiliz will inevitably have to pull back after such a big rally, but adds that he is not willing to bet against the altcoin just yet.
“Expect this to make another run on the high, but overall I think this is probably going to go lower after such a strong run.
No short circuits here.”
Chiliz is currently the 50th largest crypto asset by market cap, up 3.90% in the last 24 hours to trade at $0.21.
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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/Kartavaya Olya/Sol Invictus/monkographic
