A widely followed crypto trader is giving a bearish forecast for Bitcoin (BTC) and XRP as he expects Ethereum (ETH) to surge once the leading smart contract platform bottoms out.
The pseudonymous analyst known as Altcoin Sherpa tells his 183,600 Twitter followers that the price of BTC will likely continue trading within the $18,200 and $19,500 range.
The flagship crypto asset hit a high of $20,377 this week and is now trading for $19,462.
“BTC: Are we having fun yet?”
Altcoin Sherpa says the price movement of XRP indicates it is less likely to take off soon. The sixth-largest crypto asset by market cap currently exchanges hands for $0.48.
“XRP: Checking this 1 out again, I got stopped out before on my past trade and took a small loss. I think it bounces around .41, it’s the .618 fib. [Fibonacci level] Still, doesn’t look great right now.”
But the trader expects gains for ETH. Altcoin Sherpa says the top altcoin may surge to $1,500 from its current price of $1,332.
“ETH: in my opinion this is forming a short term bottom. Expecting more chop, wait for [exponential moving averages] to catch up to price on the 4h and then we see a move up to at least $1500+.”
Meanwhile, Santiment says that Bitcoin and Ethereum appear to be veering away from the equities market as falling stock prices did not seem to impact the top two largest cryptocurrencies by market cap. The crypto analytics firm says this development is encouraging.
“Bitcoin has stuck around $19,400 and Ethereum at $1,340 today. But the story is the fact that they are doing so without the support of the SP500, which is down -2.4%. If the correlation is easing between crypto & equities, this is very encouraging.”
Featured Image: Shutterstock/issaro prakalung
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