A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a big breakout to the upside while updating his forecast on Solana (SOL) and low-cap altcoins.
Pseudonymous crypto trader Altcoin Sherpa tells his 187,800 Twitter followers that Bitcoin could soar more than 30% from its current value of $27,569.
Showing a daily chart of the past Chicago Mercantile Exchange (CME) futures trading gaps for BTC, Sherpa predicts Bitcoin will rise to a gap formed at the $36,000 level, which is the next gap above the $28,000 price level.
Traders tend to be on the lookout for price gaps as these deviations in trading often get filled.
Says Altcoin Sherpa,
“BTC: Target acquired at $36,000.”
Next, the trader sets his sights on Ethereum (ETH) competitor Solana, forecasting two possible scenarios.
One of his predictions has Solana surging to about $40 and the other one has SOL undergoing a muted rally to about $25.
“SOL: I have no idea what’s going on with this chart. There are a few different ways it could go; either some sort of cup and handle type of thing now or a double bottom. I still don’t know the long term effects that FTX situation will have on it.”
Solana trading for $20.33 at time of writing.
Altcoin Sherpa also looks at the native asset of the non-fungible token (NFT) marketplace Blur (BLUR).
Based on Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, the trader predicts Blur will dip down to around $0.58, or 0.50 on the Fibonacci scale.
“BLUR: this one piqued my interest, would probably bid around the 0.50 fib here.”
He also notes a large amount of trading volume gathering around the $0.58 level on the four-hour chart, along with several Exponential Moving Averages (EMAs) converging at that point, too.
“The four-hour gives a bit more clarity. Huge amount of volume around $0.58, many EMAs all lining up around there. Four-hour 200-EMA acting as resistance on the first go as expected.”
Blur is worth $0.58 at time of writing.
The last altcoin on the trader’s radar is decentralized borrowing protocol Liquity (LQTY), which he says is likely carving a local bottom at $2.08.
“LQTY: This is forming a bottom, in my opinion.”
Liquity is worth $2.24 at time of writing.
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