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The worldwide cryptocurrency market has remained stable, with no significant gains. Rather, it has concentrated on achieving stability for the majority of the coins. Even if some coins have changed over the last day, their prospects are improving as the market moves in the right direction.
A well-known cryptocurrency analyst is bullish about altcoins and the flagship cryptocurrency, Bitcoin (BTC).
Altcoin Sherpa, a pseudonymous crypto trader, advises his 173,500 Twitter followers that if Bitcoin rallies by more than 30% to $55,000, altcoins are expected to skyrocket.
“I strongly think that altcoins have a strong leg up if Bitcoin goes to $55,000 or something in the coming weeks like I think it will.”
BTC Price is currently demonstrating a bullish market structure, according to Altcoin Sherpa. A decline below $37,000 or a failure to reach $55,000, according to the top crypto expert, might invalidate Bitcoin’s bullish argument.
Bitcoin, in his perspective, is still in a bullish market structure. He still believes we’ll be fine, with greater highs and lower lows. If the $37,000 BTC low is wiped out on high time frame charts, or if we print a lower high ($48,000) on this next move.
According to Altcoin Sherpa, Bitcoin is currently ranging, which might lead to a significant surge if it breaks out of the range.
He says he is basically thinking of this consolidation as a large range; given the volume/lack of follow-up, the recent move was a deviation rather than a true break.” Of course, in hindsight, it’s easy to say this, but it’s ok; more chop = bigger explosion out of the break.
Price Targets for BTC and ETH
The target area between $55,000 and $60,000, according to Altcoin Sherpa, is a significant support and resistance level for Bitcoin.
“Target is around $55,000 to $60,000, it’s a high volume node and support/resistance level. I expect BTC to move up there when it finally breaks out of this range.”
According to Altcoin Sherpa, if Bitcoin reaches a price of $55,000, Ethereum (ETH) will likely rise by over 20%.
He asks what are the prospects for altcoins? For the most part, ETH should follow BTC. If BTC reaches $55,000, a low of $4,000 should be about correct.