As the Russia-Ukraine tussles, the crypto market trades with a largely bearish outlook today. After a relief rally recently, Bitcoin trades lower by 4.2% at $42,457. ETH is below $3K at $2.8K. All other tokens on the chart follow the same momentum as they trade in red now.
As long as Bitcoin (BTC) maintains current price levels, a popular crypto trader and expert predicts rallies for a trio of altcoins. Altcoin Sherpa, a pseudonymous trader, tells his 169,400 Twitter followers that Terra (LUNA), LooksRare (LOOKS), and Kyber Network Crystal (KNC) are the best active altcoins to trade while Bitcoin is consolidating.
What’s Next For Bitcoin Price ?
In terms of Bitcoin, Altcoin Sherpa believes the king cryptocurrency will continue to rise over $50,000.
He says, If September is any indication, there won’t be many pullbacks for a while; my bet is low/mid 50ks. This vertical accumulation is in play, but I’d wait to see what occurs around 46k, which I consider being a critical milestone, he added. Following BTC’s recent upswing, the trader views $40,000 as a crucial support level.
The anonymous crypto expert responds to a tweet in which he asked if anyone thought Bitcoin would revisit its lows in the $27-$30,000 area. He raises the low end of the range to $34,000.
He said, For a long time, this was the location he was looking at. With that stated, many people’s perspectives may have shifted as a result of yesterday’s candle. At the very least, he was watching 34k to be tried once again.
However, right now we can expect reversal if the currency remains above the $42,000 Level. The first major resistance lies at $42,500. On the downside, the major support lies at $40,200. however, a break below $40,000 might ignite a significant decline.