Top Crypto Trader Forecasts What's Next for Bitcoin, Ethereum, and an Altcoin That's Up Over 120% in Two Months

A popular analyst is setting updated price targets for a trio of cryptocurrencies as the markets head into the weekend.

Pseudonymous cryptocurrency trader Altcoin Sherpa is first examining the possibility that Bitcoin (BTC) is in an accumulation phase and preparing for a big rally in the coming weeks, but warns his 182,600 Twitter followers that prevailing bearish sentiment makes this hypothesis unlikely.

“I don't see this as the bottom line yet, but if it is, I expect $18,000 to be taken out anyway.

Some sort of double bottom/longer accumulation bottom are two potential patterns you could see.

Still, the trend is down, so don't expect this."

Source: Altcoin Sherpa/Twitter

The analyst says he is closely watching the $19,000 level as a zone of strong support for BTC, but warns inexperienced traders not to invest in Bitcoin at that price.

“I still think $19,000 is the area of interest for me, a lot of support out there.

It's a very hectic environment, I wouldn't recommend actively trading unless you know what you're doing."

Source: Altcoin Sherpa/Twitter

Bitcoin price was like a roller coaster all the way through week, it is currently priced at $19,920.

Altcoin Sherpa looks below at the mid-August price surge that briefly sent Ethereum (ETH) above $2,000. It is looking at $1,730 as a potential hit or miss zone for the leading smart contract platform.

“I still think this recent move was a bear market rally, but I'll keep watching: if we see a sharp break from the recent highs, maybe some sort of [cup and handle] pattern will develop?

$1,730 remains a strong area to watch.”

Source: Altcoin Sherpa/Twitter

Below, the analyst provides a chart plotting Ethereum's exponential moving averages (EMAs) winding through four-hour candlesticks since early July. He foresees a break above $1,800, but is not sure where ETH will go next.

Altcoin Sherpa looks below at the mid-August price surge that briefly sent Ethereum (ETH) above $2,000. It is looking at $1,730 as a potential hit or miss zone for the leading smart contract platform.

“I still think this recent move was a bear market rally, but I'll keep watching: if we see a sharp break from the recent highs, maybe some sort of [cup and handle] pattern will develop?

$1,730 remains a strong area to watch.”

Source: Altcoin Sherpa/Twitter

Below, the analyst provides a chart plotting Ethereum's exponential moving averages (EMAs) winding through four-hour candlesticks since early July. He foresees a break above $1,800, but is not sure where ETH will go next.

ETH is currently priced at $1,573.

Last on the list of chart experts is Chiliz (CHZ), the utility token of sports fan engagement platform Socios.com, which has had an incredible run over the past few weeks. The CHZ token is up over 130% since the beginning of July.

Altcoin Sherpa believes that Chiliz will inevitably have to pull back after such a large rally, but adds that he is not willing to bet against the altcoin just yet.

“I expected this to make another run in the highs, but overall I think it will probably go down after such a strong run.

However, there is no short circuit here”.

Source: Altcoin Sherpa/Twitter

Chiliz is currently the 50th largest crypto asset by market cap, up 3.90% in the last 24 hours and trading at $0.21.


Sep 03, 2022

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