Altcoin Sherpa, a well-known crypto analyst with almost 200,000 followers on Twitter, recently updated his views on Bitcoin and two of Ethereum’s biggest rivals – Avalanche (AVAX) and Fantom (FTM).
According to Altcoin Sherpa, Bitcoin may be setting up for a pullback and the $25,000 level may not hold. He advises Bitcoin bulls to wait and buy the dip below $24,000. At the time of writing, Bitcoin is trading sideways at $28,571.
The crypto analyst has his eyes on AVAX, an alternative layer-1 protocol and rival to Ethereum. Altcoin Sherpa believes that AVAX is ready to take out resistance at $22 and will enter a new trading range with a high at $30. At the time of writing, AVAX is trading for $17.22.
Altcoin Sherpa is also keeping an eye on Ethereum challenger FTM, which has already gained 135% since the beginning of the year. According to the analyst, FTM could be gearing up for a fresh rally. Looking at his chart, the next resistance level for FTM appears to be at $0.60. At the time of writing, FTM is trading at $0.43.
Altcoin Sherpa’s analysis offers valuable insights and guidance for cryptocurrency traders and investors looking to make informed decisions about their portfolio. It’s worth noting, however, that investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
Bitcoin pullback
Bitcoin’s recent bullish run came to a halt in May 2021, with prices reaching an all-time high of $64,863.10 on April 14, 2021. Nevertheless, Bitcoin has continued to be one of the most popular cryptocurrencies, with its price fluctuations being closely watched by traders worldwide.
In June 2021, the cryptocurrency saw a sharp decline in value, dropping by almost 50% from its all-time high. At the time of writing, however, Bitcoin has shown a bit of stability, trading sideways in the $28,000 to $32,000 range.
AVAX and FTM
AVAX is a relatively new cryptocurrency that has experienced significant growth in the past year, rising by more than 3000% since it was launched in mid-2020. Its growth is due to the increasing demand for Ethereum rivals and alternative layer-1 protocols. AVAX aims to provide decentralized finance solutions and financial products with low transaction fees and high throughput.
Similarly, FTM is a newcomer to the crypto industry, having launched in 2018. Its main goal is to provide a smart contract platform that is faster and safer than Ethereum. FTM’s focus is on improving scalability and reducing transaction fees, making it an attractive alternative for developers and investors looking for a more efficient platform.
Conclusion
Crypto analysts like Altcoin Sherpa provide valuable insights and guidance to traders and investors looking to navigate the volatile cryptocurrency market. His analysis highlights the potential for pullbacks in Bitcoin and the potential for growth in AVAX and FTM. However, investors need to remember that this is not investment advice and should research before making any high-risk investments in cryptocurrency or digital assets.
