A closely followed cryptocurrency analyst commented on the prices of Ethereum (ETH) rival Terra (LUNA) and Bitcoin (BTC).
The anonymous analyst known as Altcoin Sherpa says on Twitter that he expects Terra (LUNA) to outperform Bitcoin wildly every time BTC sees a price increase. Terra did not experience a serious setback, despite the declining market at the time of writing. According to CoinGecko, LUNA has dropped 0.5% in the last 24 hours. LUNA was trading at $94.03 at the time of writing.
The analyst, who also examines Bitcoin, says that he expects to see a clean course in the $ 45,000 range before it goes up completely, otherwise, there may be a break below $ 34,000.
“BTC: I mostly do nothing until I see a breakout of these two levels. Still higher lows and lower highs. Today is a good day, but nothing has changed in my eyes. The longer it stays in this area, the more bullish it will be IMO.”
Altcoin Sherpa says it is still open to the possibility of a bearish scenario for Bitcoin, but it is also seeing early signs of a trend reversal.
“Also, it’s good to see volatility rising, which is something different from this grind and also indicates a possible end soon. High volatility usually means a potential trend change soon. However, this is still a high time frame bearish market structure.”
Bitcoin (BTC) was trading at $39,215.88 at the time of writing, according to CoinGecko data. The leading cryptocurrency lost the $42,000 level it had gained the previous day and fell below $40,000. BTC has fallen by 6% in the last 24 hours.
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