A crypto trader says crypto king Bitcoin (BTC) could rise to a new 2023 high before undergoing a correction.
Pseudonymous analyst Altcoin Sherpa says Bitcoin could rise by single-digit percentage points from today’s level to $32,000.
According to Altcoin Sherpa, Bitcoin could then potentially fall drastically after the modest rise.
“BTC: Looks like a grind here, but the next big level is $32,000 in my opinion. It seems likely to go there before some big moves to the downside – probably a lot of liquidity up there to be collected.
Or this just breaks through $32,000 and continues to $40,000…not sure. Anyway, $32,000 is coming in my opinion.”[ads1];
Regarding Ethereum (ETH) trading against BTC (ETH/BTC), Altcoin Sherpa says that Ethereum is likely to fall against the flagship crypto asset and target a low area of around 0.05307000 BTC, or $1.614.
“ETH/BTC: This has been down for two years and I still think it’s bottoming out. ETH/BTC is a good macro indicator for altcoins and as long as it does poorly, altcoins probably do too (as a whole) .”
Next up is memecoin Pepe (PEPE). According to Altcoin Sherpa, the memecoin could wave by nearly 45% from around $0.00000162 to $0.000002348 before the rally cools.
“PEPE: I’m still exposed to this one and it’s nothing but hot air above this level. I still think it goes to the 0.50 Fibonacci level of a minimum before this current run ends and I will take profits there.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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