A popular crypto strategist is expressing bullish sentiment on altcoins and the flagship cryptocurrency, Bitcoin (BTC).
Pseudonymous crypto trader Altcoin Sherpa tells his 173,500 Twitter followers that altcoins are favored to surge if Bitcoin rallies by over 30% to $55,000.
“I strongly think that altcoins have a strong leg up if Bitcoin goes to $55,000 or something in the coming weeks like I think it will.”
Bitcoin is trading at $42,008 at time of writing.
According to Altcoin Sherpa, Bitcoin is currently exhibiting a bullish market structure. The top crypto analyst says that a drop below $37,000 or a failure to hit $55,000 could invalidate Bitcoin’s bullish thesis.
“Bitcoin is still in a bullish market structure in my opinion. I still think we’re ok and have higher highs/higher lows. I’ll change my bias if the BTC low at $37,000 gets taken out on high time frame charts or we print some sort of lower high ($48,000) on this next move.”
Altcoin Sherpa also says that Bitcoin is currently ranging and this could cause a strong rally once BTC breaks out of the range.
“I’m personally just thinking about this consolidation as a big range; the last move was a deviation and not the true break given the volume/lack of follow up. Of course, it’s easy to say this in hindsight but it’s ok, more chop = stronger explosion out of the break.”
According to Altcoin Sherpa, the target area between $55,000 and $60,000 presents a strong support and resistance level for Bitcoin.
“Target is around $55,000 to $60,000, it’s a high volume node and support/resistance level. I expect BTC to move up there when it finally breaks out of this range.”
Altcoin Sherpa also says that Ethereum (ETH) is likely to surge by over 20% if Bitcoin hits a price of over $55,000.
“How are altcoins going to do? ETH should follow BTC for the most part. Low $4,000 should be about right if BTC goes to $55,000.”
Ethereum is trading for $3,157 at time of writing.
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Featured Image: Shutterstock/NextMarsMedia/Natalia Siiatovskaia
