Altcoins
Trader Says Bitcoin Just Showed a ‘Big Sign’ and Predicts a Top 10 Altcoin to Go Parabolic in the Coming Months
A closely followed crypto trader says Bitcoin (BTC) is showing significant strength despite worrying developments in the digital asset sector.
Pseudonymous Trader Altcoin Sherpa tell his 196,300 followers on social media platform X that Bitcoin could reach $28,000 and beyond during its current rally despite what could be considered negative news for the crypto.
The trader is apparently referring to the Consumer Price Index (CPI) report released this week, which shows an increase inflation and a court ruling that allows bankrupt FTX to sell of its crypto assets.
“IMO (in my opinion) the market is trading higher in the short term. The way BTC price has absorbed the “bad news” from the IPC and FTX sell-off means we’re going to hit over $28,000 IMO. Usually, the market’s reaction to news is a good reflection of the direction we will be heading in the short term.
The trader draws a comparison until 2020, when Bitcoin also weathered difficult developments in the crypto space.
“I remember in 2020, during the massive consolidation period (after March), the price ignored every bad news thrown at it and barely moved. Binance [fear, uncertainty and doubt]? Attach FUD? Black Swan FUD? It didn’t matter.
According to the trader, Bitcoin is flashing optimism despite the decision to sell FTX assets.
“Am I saying it’s like 2020? Hell no, we’re far from that environment.
But if things were really very bearish, the price would have capitulated to the FTX news, IMO. Instead, we barely moved and prices continued to fall.
It’s a good sign for us, I think.
Bitcoin is trading at $26,470 at the time of writing, up 0.6% in the last 24 hours.
Then the merchant issues a warning about Ethereum (ETH) competes with Solana (GROUND). He says Solana appears to be in a broader downtrend despite a recent rally, since SOL has printed lower and higher prices over the past few weeks.
“SOL: I would be cautious about this current increase. It’s nice to see some recovery, but every rally in recent weeks has only resulted in a lower low. Anyway, if you’re planning to invest, it can’t be bad to accumulate less than $20 IMO.
Despite short-term concerns, the trader believes that there is huge upside potential for Solana during the next bull market cycle.
“Lots of activity around the $14 level. It will depend on how FTX assets are sold, but I think SOL will achieve excellent multiples in the next cycle (like everything else). I think accumulating between $15 and $5 is a good strategy. Evolve, [dollar cost average]don’t ape IMO.
Source: Altcoin Sherpa/X
Solana is trading at $18.80 at the time of writing, down 1% in the last 24 hours.
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