A crypto trader says that crypto king Bitcoin (BTC) could surge to a new 2023 high before undergoing a correction.
Pseudonymous analyst Altcoin Sherpa says Bitcoin could go up by single-digit percentage points from current levels to $32,000.
According to Altcoin Sherpa, Bitcoin could thereafter potentially drop drastically after the modest rally.
“BTC: Looking like a grind here but the next big level is $32,000 in my opinion. Seems likely that goes there before any big move to the downside – probably a lot of liquidity up there to be collected.
Or this just breaks through $32,000 and continues to $40,000… not sure. Either way, $32,000 is coming in my opinion.”
Turning to Ethereum (ETH) trading against BTC (ETH/BTC), Altcoin Sherpa says that Ethereum is likely set to fall against the flagship crypto asset and target the range low of around 0.05307000 BTC, or $1,614.
“ETH/BTC: This has chopped for two years, and I still think it’s going to the lows. ETH/BTC is a good macro indicator for altcoins and as long as this one does poorly, altcoins probably do as well (as a whole).”
Next up is the memecoin Pepe (PEPE). According to Altcoin Sherpa, the memecoin could surge by nearly 45% from around $0.00000162 to $0.000002348 before the rally cools off.
“PEPE: I still am exposed to this one, and there’s nothing but hot air above this level. I still think it goes to the 0.50 Fibonacci level at a minimum before this current run is over and I’ll be taking profit around there.”
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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 losses 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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