Top crypto strategist predicts major Bitcoin breakout, updates outlook on Ethereum rival and two other altcoins
A popular crypto analyst says Bitcoin (BTC) is preparing for a major breakout to the upside while updating its forecast for Solana (SOL) and low-ceiling altcoins.
Pseudonymous crypto trader altcoin Sherpa tells its 187,800 Twitter followers that Bitcoin could surge more than 30% from its current value of $27,569.
Showing a daily chart of past Chicago Mercantile Exchange (CME) futures trading gaps for BTC, Sherpa forecasts Bitcoin to rally to a gap formed at the $36,000 level, which is the next gap above the $28,000 price level is.
Traders tend to look out for price gaps as these divergences are often filled when trading.
Says Altcoin Sherpa,
“BTC: Target acquired for $36,000.”
Source: Altcoin Sherpa/Twitter
Next, the trader takes aim at Ethereum (ETH) competitor Solana, predicting two possible scenarios.
One of his predictions is that Solana will rally to around $40 and the other that SOL will stage a muted rally to around $25.
“SOL: I have no idea what’s going on with this chart. There are a few different ways it could go; either now a kind of cup and handle or a false bottom. I still don’t know what long-term impact the FTX situation will have on that.”
Source: Altcoin Sherpa/Twitter
Solana is trading at $20.33 at the time of writing.
Altcoin Sherpa also looks at the native asset of non-fungible token (NFT) marketplace Blur (BLUR).
Based on Fibonacci retracement levels, a technical analysis method of determining 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 one piqued my interest, would probably bid around 0.50 fib here.”
Source: Altcoin Sherpa/Twitter
He also notes that there is a large amount of trading volume accumulating around the $0.58 level on the four-hour chart, along with several Exponential Moving Averages (EMAs) also converging at this point.
“The four hours give a little more clarity. Huge volume around $0.58, many EMAs lined up there. Four hours of 200-EMA acting as resistance right off the bat as expected.”
Source: Altcoin Sherpa/Twitter
Blur is worth $0.58 at the time of writing.
The last altcoin on the trader’s radar is decentralized lending protocol Liquidity (LQTY), which he says is likely to see a local bottom at $2.08.
“LQTY: This forms a bottom in my opinion.”
Source: Altcoin Sherpa/Twitter
Liquidity is worth $2.24 at the time of writing.
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