Popular Twitter analyst Altcoin Sherpa warns that “alt season” is yet to come as Bitcoin (BTC) is poised to steal the show in the crypto market. According to the analyst, Ethereum and Solana may be giving important signals against Bitcoin. Here are the details…
Bitcoin puts pressure on altcoin prices
In her market analysis, Sherpa says that altcoin prices will not perform as well as they might in the future as Bitcoin (BTC) is on the rise:
Notice how altcoin/BTC pairs drop when BTC makes a move? This will continue. It should rise in the dollar but still underperforms Bitcoin. I think altcoin season is not ready yet.
In continuation of the analysis, according to Sherpa, although Bitcoin forms an HL level around $ 60,000 and is open to the possibility of a short pullback, it can be expected that BTC will eventually recover sharply from current levels. The analyst says:
I really feel comfortable saying that this is a low formation. Maybe we can hit $55,000 or some other level, but I’m not so sure. Either way, I don’t care about these little gestures; I am still buying more Bitcoins in this space. It will harden when you move it.
The analyst reiterates that he believes altcoins will have time to shine, but probably only after Bitcoin has rallied and then cooled. As an example of what could happen in the market, he cites late 2020, when Bitcoin rallied from $10,000 to $30,000, while most altcoins remain relatively stable.
Ethereum may strengthen against the dollar, but BTC pressure remains
Altcoin Sherpa, looking at Ethereum, says it expects ETH to rise in dollar terms, but takes a breather in the Bitcoin pair (ETH/BTC). The analyst also thinks that ETH has the potential to become parabolic in early 2022:
Welcome to the future. Ethereum will do great on the USD pair but will underperform BTC in the coming weeks.
Solana (SOL) analyzes
cryptocoin.com Sherpa, whose analysis we have shared, finally touches on Solana. According to the analyst, the smart contract platform may continue its trend, but it is showing a lackluster performance against Bitcoin. Analyst SOL says in his analysis:
I think Solana is underperforming BTC in the coming weeks when BTC really starts to move. The USD pair should still continue strongly.
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