The cryptocurrency market did not find its hopes from its latest move to the upside. Thus, most altcoins, especially the leading crypto Bitcoin (BTC), are back to where they started. BTC is now struggling to hold above $19,000 while leading altcoin Ethereum (ETH) is struggling to maintain the $1,300 level. In this environment, a crypto analyst shares his roadmap for Bitcoin and Ethereum. He also warns his followers that a catalyst will trigger rapid collapse in ETH.
“I believe $17,000 will eventually come for Bitcoin”
A popular crypto analyst, nicknamed AltcoinSherpa, shared predictions of Bitcoin (BTC) and Ethereum (ETH) to his 184,300 Twitter followers. The analyst warns his followers that BTC and ETH will likely experience new declines in the near future. AltcoinSherpa says leading crypto Bitcoin trends are not suitable for a bull run. Based on this, the analyst makes the following statement:
Ugly stuff in general but those $18,000 lows are up. I believe the $17,000 will eventually come. But I don’t know what it will look like.
Source: AltcoinSherpa / Twitter
Source: AltcoinSherpa / TwitterHowever, the markets made a rally. Also, the leading crypto Bitcoin managed to stay above $19,000 at the close of the day. Therefore, the analyst updates his analysis and makes the following assessment:
There were some bullish candle closures in the 1-day, with bad returns the next day. It would be too soon to tell if this is a short-term bottom. I think it’s best to get a scalp or not at all in the market.
Source: AltcoinSherpa / TwitterLeading altcoin going below $1,000?
As you follow on Kriptokoin.com, Ethereum successfully completed the Merge upgrade last month. Merge has been a major catalyst for ETH and supported the price until it happened. However, after Merge, ETH lost traction. He made an attack in the last bear market rally, but that was also short-lived. AltcoinSherpa warns its followers that the leading altcoin Ethereum could drop below $1,000. The analyst attributes this to macro winds. In this context, the analyst notes:
My opinion that this overall area is a move low to $1,500+ is invalid. This looks outrageous at the moment and perhaps we see this as a consolidation before breaking to June lows. If we see this from higher timeframes, the reversal pattern looks like a double bottom. However, it’s hard to say whether these overall lows will continue through June. If things get worse in the macro sense, we will see it drop below $1,000 quickly.
Source: AltcoinSherpa / Twitter
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