A top analyst and trader is detailing the path forward for the two leading crypto assets, Bitcoin (BTC) and Ethereum (ETH).
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.
[adinserter block="1"]“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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