A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a big breakout to the upside while updating his forecast on Solana (SOL) and low-cap altcoins.
Pseudonymous crypto trader Altcoin Sherpa tells his 187,800 Twitter followers that Bitcoin could soar more than 30% from its current value of $27,569.
Showing a daily chart of the past Chicago Mercantile Exchange (CME) futures trading gaps for BTC, Sherpa predicts Bitcoin will rise to a gap formed at the $36,000 level, which is the next gap above the $28,000 price level.
Traders tend to be on the lookout for price gaps as these deviations in trading often get filled.
Says Altcoin Sherpa,
“BTC: Target acquired at $36,000.”
Next, the trader sets his sights on Ethereum (ETH) competitor Solana, forecasting two possible scenarios.
One of his predictions has Solana surging to about $40 and the other one has SOL undergoing a muted rally to about $25.
“SOL: I have no idea what’s going on with this chart. There are a few different ways it could go; either some sort of cup and handle type of thing now or a double bottom. I still don’t know the long term effects that FTX situation will have on it.”
Solana trading for $20.33 at time of writing.
Altcoin Sherpa also looks at the native asset of the non-fungible token (NFT) marketplace Blur (BLUR).
Based on Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, the trader predicts Blur will dip down to around $0.58, or 0.50 on the Fibonacci scale.
“BLUR: this one piqued my interest, would probably bid around the 0.50 fib here.”
He also notes a large amount of trading volume gathering around the $0.58 level on the four-hour chart, along with several Exponential Moving Averages (EMAs) converging at that point, too.
“The four-hour gives a bit more clarity. Huge amount of volume around $0.58, many EMAs all lining up around there. Four-hour 200-EMA acting as resistance on the first go as expected.”
Blur is worth $0.58 at time of writing.
The last altcoin on the trader’s radar is decentralized borrowing protocol Liquity (LQTY), which he says is likely carving a local bottom at $2.08.
“LQTY: This is forming a bottom, in my opinion.”
Liquity is worth $2.24 at time of writing.
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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 loses 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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