A popular crypto analyst thinks both Bitcoin (BTC) and Ethereum (ETH) could capitalize on their recent momentum and move even higher.
The pseudonymous crypto trader known as Altcoin Sherpa tells his 182,800 Twitter followers that Bitcoin could soon surge by another 8% if it reaches $21,700.
“Squeeze came. $21,000ish hit. I think it’s best to take profit if you bought yesterday/last few days. this is an area of resistance and 200 exponential moving average on the 4-hour [chart]. If this goes higher, I like the $23,000 area (and $21,700 first).”
BTC is trading at $21,300 at time of writing. The top-ranked crypto asset by market cap is up more than 10% in the past 24 hours.
Still, Altcoin Sherpa doesn’t think BTC will witness double-digit gains and encourages traders to avoid becoming overly bullish.
“Play this level to level. Don’t expect 10%+ moves overall. Take profits and be patient. I doubt this is the overall macro bottom.”
Looking at Ethereum, the analyst thinks ETH is looking better than Bitcoin.
“I think this formed a decent bottom and the market structure on the lower timeframes still looks bullish. If the highs get cleared (watch out for double top in the short term), $2,500 could come.”
With ETH trading at $1,716 at time of writing, $2,500 would represent an increase of over 45%. The second-ranked crypto asset by market cap is up more than 5% in the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Bruce Rolff