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.
Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox
Check Price Action
follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Image generated: half way
