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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