The cryptocurrency market did not find what it hoped for from its recent top attack. Thus, multiple altcoins, especially the president crypto Bitcoin (BTC), are back to where they started. While BTC is now trying to hold above $19,000, the chairman altcoin Ethereum (ETH) is struggling to maintain the $1,300 level. In this environment, a crypto analyst shares his roadmap for Bitcoin and Ethereum. He also warns his followers that a catalyst will trigger a rapid collapse in ETH.
“I believe $17,000 will eventually come for Bitcoin”
A well-known crypto analyst by the nickname AltcoinSherpa shared the claims of Bitcoin (BTC) and Ethereum (ETH) to his 184,300 Twitter followers. The analyst warns his followers that BTC and ETH will likely experience new declines in the near future. AltcoinSherpa says leading crypto Bitcoin trends are not suitable for a bull run. Based on this, the analyst makes the following statement:
It sucks in general, but those $18,000 baselines have gone up. I believe the $17,000 will eventually come. But I don’t know what it will look like.
However, the markets made a rally. Additionally, the chairman crypto Bitcoin managed to stay above $19,000 at the close of the day. Therefore, the analyst updates his analysis and makes the following assessment:
There were some bullish candle closures in the 1-day with terrible returns the next day. It would be too soon to tell if this is the short-term base. I think the best thing is to have a scalp exfoliated or not be on the market at all.
Leading altcoin going below $1,000?
Koindeks.com As you follow, Ethereum successfully completed the Merge upgrade last month. Merge has been a valuable catalyst for ETH and supported the price until it happened. However, after Merge, ETH lost traction. He made an attack in the last bear market rally, but that was also short-lived. AltcoinSherpa is warning his followers that the chairman altcoin Ethereum could drop below $1,000. The analyst attributes this to macro winds. In this context, the analyst notes:
My opinion that this overall area is a move low to $1,500+ is invalid. This looks unsavory at the moment and we’re presumably seeing it as a consolidation before breaking to June lows. If we see this from higher timeframes, on the contrary, the reversal pattern looks like a double bottom. However, it is difficult to say whether these general lows will continue from June. If things go bad in a macro sense, we’ll see it quickly drop below $1,000.