Trader Updates Outlook on Bitcoin and Ethereum, Says New ‘Solana Killer’ Has More Upside Potential
A closely followed crypto trader is updating his view on the top two digital assets, an altcoin and a smart contract platform that has been hailed as the “Solana killer.”
Pseudonymous cryptoanalyst Altcoin Sherpa says his 185,600 Twitter followers that he would be concerned about king crypto Bitcoin (BTC) if it were to fall below a certain level.
“BTC: Wouldn’t want to see the $21,000 area lost personally. I’m not even sure if this [Fibonacci chart] is well mapped out to be honest, perhaps rather go from the impulse.”
Bitcoin is changing hands for $20,385 at the time of writing.
The analyst next point to the ETH/BTC chart, saying it is a primary indicator of the overall health of the altcoin market. He says he expects it to slowly work its way up towards the .0823 level in the medium term.
“ETH/BTC is usually a decent indicator for the whole altcoin market as a whole and it’s still looking pretty good. Expect this to go up to the .0823 area in the medium term.”
ETH/BTC is currently at 0.775, according to the chart. Altcoin Sherpa then addresses decentralized application platform (DApp) and Ethereum (ETH) challenger Near Protocol (NEAR), saying that while the altcoin chart may look dire, it appears the asset’s price may bounce in short term.
“NEAR: This looks like shit, but if it’s going to bounce, it should be around here. Some kind of double bottom would be interesting for a bigger move, but I still doubt it.”
NEAR is moving for $2.99 at the time of writing, down 2.7% on the day.
The merchant concludes his analysis by saying that Aptos (APT), a rival of smart contract platform Solana (SOL), has further to go as long as BTC continues to look strong.
“APT: Still in this position from the $7s, going to continue to hold it for now. As long as $BTC looks healthy (I personally think it does), I think this has another move up.”
APT is valued at $8.86 at the time of writing, down 2.2% in the last 24 hours.
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