A well-liked crypto strategist is expressing bullish sentiment on altcoins and the flagship cryptocurrency, Bitcoin (BTC).
Pseudonymous crypto dealer Altcoin Sherpa tells his 173,500 Twitter followers that altcoins are favored to surge if Bitcoin rallies by over 30% to $55,000.
“I strongly suppose that altcoins have a robust leg up if Bitcoin goes to $55,000 or one thing within the coming weeks like I feel it’ll.”
Bitcoin is buying and selling at $42,008 at time of writing.
Based on Altcoin Sherpa, Bitcoin is at the moment exhibiting a bullish market construction. The highest crypto analyst says {that a} drop beneath $37,000 or a failure to hit $55,000 might invalidate Bitcoin’s bullish thesis.
“Bitcoin remains to be in a bullish market construction for my part. I nonetheless suppose we’re okay and have greater highs/greater lows. I’ll change my bias if the BTC low at $37,000 will get taken out on excessive time-frame charts or we print some form of decrease excessive ($48,000) on this subsequent transfer.”
Altcoin Sherpa additionally says that Bitcoin is at the moment ranging and this might trigger a robust rally as soon as BTC breaks out of the vary.
“I’m personally simply excited about this consolidation as a wide array; the final transfer was a deviation and never the true break given the quantity/lack of comply with up. In fact, it’s straightforward to say this in hindsight nevertheless it’s okay, extra chop = stronger explosion out of the break.”
Based on Altcoin Sherpa, the goal space between $55,000 and $60,000 presents a robust assist and resistance stage for Bitcoin.
“Goal is round $55,000 to $60,000, it’s a excessive quantity node and assist/resistance stage. I count on BTC to maneuver up there when it lastly breaks out of this vary.”
Altcoin Sherpa additionally says that Ethereum (ETH) is prone to surge by over 20% if Bitcoin hits a worth of over $55,000.
“How are altcoins going to do? ETH ought to comply with BTC for essentially the most half. Low $4,000 must be about proper if BTC goes to $55,000.”
Ethereum is buying and selling for $3,157 at time of writing.
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Featured Picture: Shutterstock/NextMarsMedia/Natalia Siiatovskaia
