A widely followed crypto analyst says Bitcoin (BTC) is preparing for a big breakout as he updates his forecast on Solana (SOL) and small-cap altcoins.
Pseudonymous cryptocurrency trader Altcoin Sherpa says his 187,800 Twitter followers that Bitcoin could soar more than 30% from its current value of $27,569.
Displaying a daily chart of past Chicago Mercantile Exchange (CME) futures trading gaps for BTC, Sherpa predicts that Bitcoin will rally to a gap formed at the $36,000 level, which is the next gap above the $36,000 price level. $28,000.
Traders tend to watch for price gaps, as these gaps in trade are often filled.
Says Altcoin Sherpa,
“BTC: Target Acquired at $36,000”.
Then the merchant sets his look at Ethereum (ETH) competitor Solana, forecasting two possible scenarios.
One of his predictions has Solana rising to around $40 and the other has SOL experiencing a quiet rally to around $25.
“SOL: I have no idea what’s going on with this chart. There are a few different ways it could go; either a kind of cup and handle or a false bottom. I don’t know yet what long-term effects the FTX situation will have.”
Solana trading for $20.33 at the time of writing.
Altcoin Sherpa too aspect on the non-fungible token (NFT) market’s native asset Blur (BLUR).
Based on Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, the trader predicts that the Blur will drop to around $0.58, or 0.50 on the Fibonacci scale.
“BLUR – This one piqued my interest, I’d probably bid around 0.50 fib here.”
He too grades A lot of trading volume was gathered around the $0.58 level on the four-hour chart, along with several EMAs converging at that point as well.
“The four hours give a little more clarity. Lots of volume around $0.58, plenty of EMAs lining up around there. The 200 four hour EMA acts as resistance on the first go as expected.”
Blur is worth $0.58 at the time of writing.
The latest altcoin on the trader’s radar is the Liquity (LQTY) decentralized lending protocol, which he says it is likely carving a local bottom at $2.08.
“LQTY: This is bottoming out, in my opinion.”
Liquidity is worth $2.24 at the time of writing.
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