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The Daily Hodl
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Crypto Analyst Says Traders Are About To Be Underexposed to Bitcoin – Here’s Why

by Daily Hodl Staff
October 12, 2021
in Altcoins, Bitcoin, Trading

A popular crypto market analyst thinks an upcoming Bitcoin move could leave altcoin traders underexposed to the top crypto asset.

The pseudonymous trader known as Altcoin Sherpa tells his 133,300 Twitter followers that the Bitcoin dominance chart over the crypto market looks bullish, which typically corresponds with a bleed out from altcoins against their BTC valuation.

“We’re all about to be very underexposed to Bitcoin with what happens next. This is the dominance chart

when [BTC dominance] goes up, alt/btc [goes] down. [Because] everyone has 100% altcoins, you’re going to be crying when you see altcoins underperform.

BTC rips->alt usd consolidate -> alt/btc [down]”

Image
Source: Altcoin Sherpa/Twitter

The Bitcoin dominance chart tracks BTC’s market cap relative to the valuation of the rest of the crypto markets. A bullish BTC dominance chart indicates that Bitcoin is rising faster in value than other crypto assets.

Looking at Bitcoin, Sherpa says that Bitcoin’s market structure has turned bullish after reaching its first higher high in five months.

“Markets either range, uptrend, or downtrend. I believe we’re now in a bullish market structure at this point. Expecting all-time highs within the next few weeks.”

Image
Source: Altcoin Sherpa/Twitter

As for the second-largest cryptocurrency Ethereum (ETH), the trader expects ETH to inch its way toward a fresh all-time high.

“This is what I am expecting on the 1D for Ethereum. Grind up to 4k, consolidate, go to all-time highs.”

Image
Source: Altcoin Sherpa/Twitter

Currently, Ethereum is trading just over $3,500, but Sherpa is expecting the $4,300 level to be broken by November.

Finally, Sherpa is keeping his eye on the smart contract platform Harmony (ONE). He says that ONE looks ready to move higher against both the USD and BTC.

“This is one of the few altcoins I would consider longing right now. I think the BTC pair breaks [all-time high levels] due to how the USD pair looks. Strong for both pairs [to be honest.]”

Image
Source: Altcoin Sherpa/Twitter
Source: AltcoinSherpa/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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