Here’s what’s next for Bitcoin (BTC), Ethereum (ETH), and an altcoin that’s over-exploded by 225%: Top Crypto Traders
A widely followed trader examines the near-term prospects of the two largest crypto assets and an altcoin that has recently seen massive gains.
Starting with Bitcoin (BTC), the trader known as altcoin Sherpa tells his 180,600 Twitter followers that the crypto-asset’s flagship could maintain its bullish momentum if it manages to clear a key resistance level.
“BTC: We’re getting closer… We’re breaking a solid $24k and I think we’re going to see a high $20k after that.”
Source: Altcoin Sherpa/Twitter
Bitcoin is trading at $23,752 at the time of writing.
Altcoin Sherpa is also highlighting a number of technical indicators that suggest a move to the upside is imminent. However, he remains cautious that BTC may revisit its bear market lows.
“BTC: A few notes:
-First potentially bullish major on the four-hour chart since late March.
-First bullish exponential moving average crossing since March.
-Still high timeframe bearish on the daily chart.
– NO macro reversal in my opinion, it is doubtful that it will scale past $20,000.
– I still think $17,000 will eventually be swept away.”
Looking at Ethereum (ETH), altcoin Sherpa says that the second largest crypto asset by market cap will likely continue to outperform other crypto assets. The crypto strategist shares Solana vs. Ethereum (SOL/ETH) chart to show that SOL is in a downtrend against the leading smart contract platform.
“Will ETH continue to outperform everything (including BTC)? Or will anything else surpass it? Interesting to see the Layer 1/ETH pairs now: SOL and AVAX.
Personally, I think ETH will continue to outperform in the medium term, but that’s just me.”
Altcoin Sherpa says it is the same case for Avalanche vs Ethereum (AVAX/ETH) pair.
Ethereum is exchanging hands at $1,714 at the time of writing.
Another altcoin on the trader’s radar is the Ethereum hard fork Ethereum Classic (ETC). The smart contract platform surged from $13.92 on July 14 to its recent high of $45.27 on July 29, a rise of more than 225% in about two weeks.
Altcoin Sherpa says Ethereum Classic is likely to take one more step higher towards its immediate resistance before a correction could take place.
“ETC: I’ve been relatively away for the last 10 days so I missed this whole move. Looking for shorts in the high $30s. I think this is a decent short film as there is a lot of time between each peak + this needs cooling. I have my notifications.”
Ethereum Classic is trading at $40.17 at the time of writing.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade 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/Bruce Rolff
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