A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC) over the short term.
The analyst pseudonymously known as Sherpa tells his 246,900 followers on the social media platform X that Bitcoin is primed to rally if it overcomes a key psychological level.
“Quite simple: if BTC breaks $110,000, we’re going to send pretty hard.
Until then, altcoins probably just chop and slightly bleed down.”
Bitcoin is trading at $108,819 at time of writing, a level that’s less than 3% below the all-time high price of just under $112,000 reached on May 22nd.
The analyst also says Bitcoin’s price action over the coming few months will determine Ethereum’s trajectory. According to Sherpa, ETH could go up by around 50% over the coming months and about 280% in the long run.
“The funny thing about this is that ETH probably still is going to go to $10,000 even with ETH/BTC being down only. Don’t know what happens in the short/mid-term but $4,000 should come within the next few months as long as Bitcoin holds up.”
Ethereum is trading at $2,643 at time of writing.
The widely followed analyst and trader also says Solana (SOL) appears bullish on the daily time frame, but its trajectory is dependent on Bitcoin’s price action.
“Solana chart still looks pretty solid overall for a higher time frame swing. All daily exponential moving averages (EMAs) lined up, Bitcoin still okay, etc.”
Solana is trading at $174 at time of writing.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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.
Generated Image: Midjourney
