A crypto analyst known for his accurate predictions in the cryptocurrency market takes a look at the altcoin market and says that altcoins could bounce back after most of this year’s gains are wiped out.
“It may be time to miss some altcoins!”
The cryptocurrency market has turned south and continues to move in that direction, with the hawkish tone of Federal Reserve chairman Jerome Powell. Then, when the Silvergate incident broke out, things got complicated. An analyst nicknamed Smart Contracter, known for his accurate predictions in this environment, says that Bitcoin (BTC) and Ethereum (ETH) have found support after the dips. For the analyst’s successful forecasts cryptocoin.comCheck out this article. Accordingly, the analyst thinks that a possible relaxation rally will occur in the market in the next few weeks. Smart Contracter expresses its views as follows:
Unlike the bear flag dump in BTC and ETH last week, this is an immediate buyback in the state showing fakeout. Maybe it’s time to relax for a few weeks. It may be time to miss some newly vanished altcoins.
At press time, the leading altcoin dropped 4.30% on a daily basis to $1,482. ETH has lost more than 10% on a weekly basis. The analyst then looks at Bitcoin and says that BTC is showing a bearish pattern up to around $22,000. However, he states that there are signs that it may find support at this price level. Moving on from this, he comments, “The second bearish flag in BTC has been broken from now on and has finally started to creep towards a strong support level.”
Altcoin Sherpa offers a broad spectrum for Bitcoin
Leading crypto Bitcoin broke the $21,000 level at press time and fell 5.50% on a daily basis to $20,782. Bitcoin also tumbled by 11.5% on the weekly timeframe. Therefore, it seems that the analyst did not find the support he expected.
Another well-known analyst in the market, nicknamed Altcoin Sherpa, argues that a wide range of volatile trades for Bitcoin between $ 13,000 and $ 30,000 is at the door. According to the analyst, this could be the trading range for the next few months. “If so, it is possible that both ends of the range are resting (i.e. $15,000) with some divergence at both ends (basically $30,000-13,000 will likely be the range),” says Altcoin Sherpa.
“If this happens, the altcoin market will continue to die!”
Unlike Smart Contracter, Altcoin Sherpa warns that the value of altcoins could fall even further. In this context, he predicts that Bitcoin could fall into the $21,000 price range. Considering the current level of Bitcoin, Altcoin Sherpa’s prediction seems accurate. He explains his views on this matter as follows:
Overall, BTC looks shaky. We’ve seen it run from these lows, but is it sustainable? The next few hours will give a good idea whether we hold this territory or not. There’s a lot more volume at $21,000. If we go there, altcoins will continue to die.
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