A famous analyst believes Bitcoin will continue to suck altcoin blood in the near future.
Known in the industry by the nickname Altcoin Sherpa, the person who told his 133,300 Twitter followers that the bitcoin dominance chart looks bullish, which usually corresponds to a decline in the altcoin / bitcoin pair.
“This is the bitcoin dominance rate chart, when BTC.D goes up, alt / btc goes down. [Bởi vì] Lots of people hold 100% altcoins, they will cry when they see altcoins underperforming.
BTC boom -> merge old / usd -> old / btc [giảm]”.
The source: Altcoin Sherpa / Twitter
The Bitcoin Dominance Ratio tracks BTC’s market capitalization compared to the rest of the crypto market. The fact that it is moving up shows that Bitcoin is growing faster than other cryptocurrencies.
Turning to Bitcoin, Sherpa said that Bitcoin’s market structure has turned bullish after hitting its first higher high in five months.
“The market has 3 phases, range bound, upward trend or downward trend. I believe Bitcoin is currently in an upward trend. Expects to hit an all-time high in the next few weeks. ”
The source: Altcoin Sherpa / Twitter
For the second largest cryptocurrency Ethereum (ETH), the analyst expects the ETH to move towards a new all-time high.
“That’s what I expect from Ethereum. Switch to 4k, consolidate and reach a new all-time high. ”
The source: Altcoin Sherpa / Twitter
Currently, Ethereum is only trading around $ 3,500, but Sherpa expects it to crack over $ 4,300 in November.
Finally, Sherpa has its eye on the Harmony (ONE) smart contract platform. He said ONE is ready to move higher in both the USD and BTC pairs.
“This is one of the few altcoins that I can look forward to right now. I think the BTC pair will hit a new ATH due to the breakout in the USD pair. It’s really strong in both pairs. ”
The source: Altcoin Sherpa / Twitter
Source: AltcoinSherpa / Twitter
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