A prominent crypto analyst updates his short-term forecasts for Bitcoin and 3 altcoins. Let’s take a look at the latest analysis of Altcoin Sherpa, keeping in mind that the predictions are not exact.
Altcoin Sherpa sets next levels for Bitcoin and Ethereum
Popular Twitter analyst Altcoin Sherpa says the positive momentum will continue if Bitcoin breaks a significant resistance:
Bitcoin (BTC) is getting closer… We are definitely over $24,000 and I believe we are following with $20,000.
Bitcoin price is trading below $24,000 at the time of writing. Technical signs highlighted by altcoin Sherpa also suggest that an upward move is about to occur. Still, Sherpa is cautious that BTC could potentially bounce back from bear market lows. Evaluating the macro environment, the analyst comments on the latest situation for BTC as follows:
- Since the end of March, the four-hour chart shows a possible bullish major.
- The first upward crossover of the exponential moving average since March.
- Drop on the daily chart on the higher timeframe.
- I don’t think this is a macro reversal and I doubt it will go above $20,000.
- I continue to believe that $17,000 will eventually be swept away.
The analyst evaluates the altcoins he chooses in ETH parity.
According to Sherpa, Ethereum will likely continue to outperform other cryptocurrencies. The analyst presents the Ethereum (SOL/ETH) chart to show Solana’s bearish trend against the most popular smart contract platform. Looking at the chart below, the analyst says:
Will ETH simply continue to beat everything else, even BTC? Or will something else surpass it? It’s interesting to see SOL and AVAX as current tier-1/ETH pairs. Personally, I believe ETH continues to outperform in the medium term, but that’s just my opinion.
According to altcoin Sherpa, the Avalanche and Ethereum (AVAX/ETH) pair exhibits a similar situation. The analyst highlights the similarity of the technical charts above and below.
The last altcoin on Sherpa’s radar is ETC
Ethereum Classic (ETC) was another altcoin that Sherpa followed closely. The smart contract platform has risen more than 225 percent in just over two weeks, particularly from $13.92 on July 14 to $45.27 on July 29. According to altcoin Sherpa, Ethereum Classic is expected to make another spike to its nearby resistance before a correction occurs:
I missed all the action because overall, I’ve been away for the last 10 days. I’m looking for shorts that cost at least $30. Given the time between each peak and the cooling requirement, I believe so. Be a good short, I have caveats.
Ethereum Classic is currently trading at $40.05. As Cryptokoin.com also reported, Ethereum founder Vitalik Buterin shared that he supports ETC.
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