A prominent crypto trader and analyst is warning that “altseason” hasn’t yet arrived because Bitcoin (BTC) is preparing to steal the show from the crypto markets.
The analyst known as Altcoin Sherpa tells his 141,000 Twitter followers that altcoins won’t perform as well as they could in the near future, largely due to BTC’s bullish price action.
“Notice how alt/BTC pairs go down when BTC makes a move? There is more of this to come.
Alt/USD [US dollar] should go up (but still underperform Bitcoin). This isn’t altseason yet in my opinion. You’ve been warned.”
The closely followed analyst says that Bitcoin was forming a bullish higher low around the $60,000 level, and while he’s open to the possibility of a brief downturn, still expects BTC to ultimately rally hard from current levels.
“BTC: I feel really comfortable saying that this is a low forming. Maybe we get some sort of spike down to 55k or something, but I’m not so sure.
Either way, I don’t care about these tiny moves; I’m still buying more Bitcoin in this area. When it moves, it will go hard.”
The analyst reiterates that he does believe altcoins will have their time to shine, but likely only after Bitcoin rallys and subsequently cools off. As an example of what could be in store, he references late 2020 when Bitcoin rallied from the $10,000 level all the way up to $30,000 while most altcoins remained relatively flat.
Looking at Ethereum, Altcoin Sherpa says that he expects ETH to trend up in dollar terms, but take a breather in its Bitcoin pair (ETH/BTC). He thinks ETH has the potential to go parabolic early in 2022.
“ETH: Welcome to the future. Ethereum is going to do great in USD pair but still underperform BTC in the coming weeks.”
The analyst also expects smart contract platform Solana (SOL) to continue its rally, but ultimately put in a lackluster performance against Bitcoin as well.
“SOL: I still am of the opinion that Solana underperforms BTC in the coming weeks when BTC really starts to move. USD pair should still continue strongly though.”
At time of writing, Bitcoin is currently trading $66,090.Check Price Action
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