A popular Twitter analyst maps the next levels as the cryptocurrency market is in decline. What’s next for Bitcoin, Cosmos and 2 altcoins?
Altcoin Sherpa updates forecasts for 4 selected cryptocurrencies
Despite the recent fall of Bitcoin (BTC), a prominent crypto analyst still awaits a different perspective. Crypto analyst nicknamed Altcoin Sherpa says that the BTC price is currently fluctuating. Sharing the chart below, the analyst said that he will follow historical data. Sherpa will wait for the market to calm down for a while before taking a position in BTC.
Bitcoin attempted to break local lows on Sept. 16 as the latest crossover crypto downtrend intensifies. Data from TradingView showed BTC approaching $19,600 on the day. The bulls have prevented any further erosion of critical support.
Market is in free fall, what to expect in Sherpa altcoins
After Bitcoin, Sherpa looks at the chart of Cosmos (ATOM). According to the analyst, ATOM price will move after the 200 EMA:
Let’s see if it can flip the 200-day [exponential moving average] given the amount of engagement available. I think it would be very, very powerful to do that in the current climate.
Sherpa then turns its attention to Polkadot (DOT), the Ethereum network’s scalability solution. Taking a look at the accumulation on the DOT chart, the analyst says that the price has fluctuated in recent months:
Do you think this is accumulation or more pre-dumping price pause? The price has been fluctuating for the past few months.
Finally, Altcoin Sherpa takes a look at the FTT Token, the cryptocurrency of the FTX exchange. The analyst says that FTT does not like price movements much. Finally, Sherpa said of FTT:
This has gotten a lot of attention lately but I just can’t see it. With yesterday’s drop, it’s easy to say now, but I’ve always believed that FTT is a risky coin to hold. Yes, in theory, stock market tokens are safe in bear markets.
At the time Sherpa published their analysis, on-chain data showed a large amount of BTC inflows to exchanges. 236,000 BTC returns to exchanges in just a single day.
Cryptocurrency investors are piling Bitcoin on exchanges
On September 14, more than 236,000 BTC entered 1 major exchange tracked by Glassnode. As a result, it was the largest single-day surge since the chaos surrounding Bitcoin’s plunge to just $3,600 in March 2020.
Sales in May 2021 and May and June this year did not match this figure. In other words, Bitcoin investors are currently aiming to reduce their risk somewhat. As you follow on Kriptokoin.com, BTC is trading at just over $19,600 at the time of writing.
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