A popular crypto analyst thinks Bitcoin (BTC) and Ethereum (ETH) could capitalize on their recent momentum and go even higher.
The pseudonymous crypto trader known as Altcoin Sherpa tells his 182,800 Twitter followers that Bitcoin could soon rise another 8% if it hits $21,700.
“Squeeze came. $21,000 hit. I think it’s better to take profit if you bought yesterday/last days. it is a resistance zone and a 200 exponential moving average over the 4 hours [chart]. If it goes higher, I like the $23,000 area (and $21,700 first).
BTC is trading at $21,300 at the time of writing. The top-ranked crypto asset by market capitalization is up more than 10% in the past 24 hours.
Still, Altcoin Sherpa doesn’t believe BTC will see double-digit gains and encourages traders to avoid becoming too bullish.
“Play from level to level. Don’t expect more than 10% movement overall. Take profits and be patient. I doubt it’s the overall macro background.
Looking at Ethereum, the analyst think ETH looks better than Bitcoin.
“I think it formed a decent bottom and the market structure on the lower timeframes still looks bullish. If the highs are breached (watch out for the short-term double top), $2,500 could come in.
With ETH trading at $1,716 at the time of writing, $2,500 would represent an increase of over 45%. The second-largest crypto asset by market capitalization is up more than 5% in the past 24 hours.
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