Starting with Bitcoin, pseudonymous crypto analyst Altcoin Sherpa tells his 10,700 YouTube subscribers in a new video that if the flagship digital asset rises above the 2023 high of around $24,200, it would indicate that it is in a bullish phase.
“So we consider this high around $24,000: if it breaks that area cleanly… like a solid break to like $26,000 or something at that point I think that we can see it coming back down, going higher and just continuing up… That, in my opinion, would be a clear bullish market structure at this point.”
The pseudonymous crypto analyst and trader, however, says that a lower high would be a bearish indicator for Bitcoin.
“You know, there’s some bearish indicators where you know, if we hit a lower high, comes back up to say $22,000, $23,000 and then just brings us down or just breaks down here, obviously at that point we’re just going to go down to $20,000.”
According to Altcoin Sherpa, Bitcoin could rally by over 30% from the current levels and then collapse to the 2022 low of under $16,000.
“To be clear I actually don’t really necessarily think the bottom is totally in. I wouldn’t be surprised if price continues higher, maybe to $25,000. I have always expected it going to $25,000 – $30,000 and I wouldn’t be surprised if it goes to $30,000 eventually.
But it would make a lot of sense to me if price trades up to $25,000 to $30,000 and then comes back all the way down to $20,000 or something like that. Or $17,000. Or even $15,000.”
Bitcoin is trading at $22,568 at time of writing.
Turning to ETH, Altcoin Sherpa says that depending on Bitcoin’s behavior, the second-largest crypto asset by market cap could surge by over 25% from the current levels.
“Ethereum looks pretty strong overall. I really still am shooting for the highs around $2,000… I do believe personally that the $2,000 areas will come through as long as Bitcoin is steady.”
According to the pseudonymous crypto analyst, traders should wait for Ethereum to rise above the $1,700 resistance level before considering a long entry.
“But still, would wait for a break of $1,600 – $1,700 before really considering the $2,000 area.”
Ethereum is trading at $1,577 at time of writing.
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