Altcoin Sherpa, a seasoned crypto trader, and analyst, recently took to Twitter to share his latest technical analysis on Bitcoin (BTC) and Ethereum (ETH). According to his insights, both crypto market leaders are expected to experience significant volatility shortly, with no clear trend established on their charts. As a professional in the field, Altcoin Sherpa’s analysis is a valuable resource for investors looking to navigate the unpredictable waters of the crypto market.
According to Altcoin Sherpa, a crucial threshold to watch on BTC’s daily chart is the $26.5K milestone. This assertion is based on the fact that the primary cryptocurrency has consistently rebounded above this level within a few hours of dipping below it over the last two months.
The trader acknowledges the potential for BTC’s value to soar to $29K in the foreseeable future. However, he also anticipates a potential dip towards $25K in the latter part of the year. Regrettably, he could not provide a definitive timeline or explanation for this projected decline in BTC’s worth.
Altcoin Sherpa has substantiated his bearish projection of $25K by highlighting the significant confluence at this level. In recent months, the seasoned trader has observed that $25K has been a pivotal support and resistance level. The 200-day EMA line and the 0.382 Fibonacci Retracement Level intersect at this critical juncture. These technical indicators lend further credence to Altcoin Sherpa’s forecast.
The trader outlined a bearish thesis for BTC’s price trajectory during his video presentation. However, he also noted that this outlook could be rendered invalid if the cryptocurrency maintains a steady position above $26.5K over the next few weeks, paving the way for a potential upward surge towards the $30K mark.
According to Altcoin Sherpa’s analysis, the trajectory of ETH’s price is expected to mirror that of BTC in the upcoming months. Notably, a crucial support and resistance level to watch is $1,700. This insight provides valuable guidance for those invested in the altcoin market.
After analyzing the charts, the trader expressed a positive outlook on ETH’s performance. However, he did acknowledge the possibility of BTC surpassing ETH in the medium to long term. Despite this, the trader remained optimistic and even suggested that ETH could reach $10K if it experiences a resurgence in trend. Overall, the trader’s assessment was measured and professional.
According to the latest update from CoinMarketCap, both BTC and ETH have experienced a decline in value over the past 24 hours. BTC’s current price is $26,860.50, reflecting a 1.41% decrease during this period. Similarly, ETH is currently trading at $1,809.04, having undergone a 0.74% drop in price.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
