Bitcoin Analyst Predicts Bullish Trend if Key Level is Broken
A well-known cryptocurrency analyst and trader, using the pseudonym Sherpa, has shared a bullish outlook on Bitcoin (BTC) in the short term. Sherpa, who has a following of 246,900 on X, believes that Bitcoin is poised for a rally if it can surpass a crucial psychological barrier.
According to Sherpa, “Quite simple: if BTC breaks $110,000, we’re going to send pretty hard. Until then, altcoins probably just chop and slightly bleed down.”
At the time of writing, Bitcoin is trading at $108,819, which is less than 3% below its all-time high of just under $112,000 achieved on May 22nd.
Sherpa also suggests that Ethereum’s future trajectory will be influenced by Bitcoin’s price movements. He predicts that ETH could see a 50% increase in the coming months and a substantial 280% growth in the long term.
Sherpa stated, “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.”
As of now, Ethereum is trading at $2,643.
Furthermore, Sherpa mentions that Solana (SOL) appears bullish on the daily timeframe, although its direction is contingent on Bitcoin’s price action.
Sherpa commented, “Solana chart still looks pretty solid overall for a higher timeframe swing. All daily exponential moving averages (EMAs) lined up, Bitcoin still okay, etc.”
At the time of writing, Solana is trading at $174.
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