Bitcoin Will Outperform Altcoins In The Short-Term, Analyst Warns
According to a popular cryptocurrency analyst and trader, known as Altcoin Sherpa, Bitcoin will likely outperform altcoins in short-term in the crypto market, saying that ‘altseason’ is not yet in.
Bitcoin (BTC) Vs Alts
Altcoin Sherpa warned his 145K followers on Twitter that bitcoin is going to take over the show from altcoins in the near future, largely due to BTC’s bullish price action. Altcoins against USD will continue to rise, but BTC vs USD will rise faster.
“Notice how alt/BTC pairs go down when BTC makes a move? There is more of this to come.
Alt/USD should go up (but still underperform Bitcoin). This isn’t altseason yet in my opinion. You’ve been warned.”
According to the trader, Bitcoin was forming a higher low (bullish signal) around the $60K level. While there is a possibility of a pullback, he still expects BTC to eventually make big jumps from current levels.
“BTC: I feel really comfortable saying that this is a low forming. Maybe we get some sort of spike down to 55k or something, but I’m not so sure.Either way, I don’t care about these tiny moves; I’m still buying more Bitcoin in this area. When it moves, it will go hard.”
$BTC: I feel really comfortable saying that this is a low forming. Maybe we get some sort of spike down to 55k or something but I'm not so sure. Either way, I don't care about these tiny moves; I'm still buying more #Bitcoin in this area. When it moves, it will go hard. pic.twitter.com/2cBliPdobA
Just to clarify, Altcoin Sherpa is not bearish on altcoins, and likely as in previous cycles they will get their momentum after Bitcoin cools down. As a reference he points to late 2020 when Bitcoin rallied from the $10K level all the way up to $30K while most altcoins traded sideways.
“…bottoms take hours, days, or weeks to form. This has been chopping for a while now. I think the best play is just to go in spot btc and get ready to rotate to altcoins later this year after btc momentarily chills. See Fall 2020–> January 2021 for what to expect”
Ethereum (ETH)
Altcoin Sherpa is also looking into Ethereum, and expects ETH to rise up in its USD pair, but not so much against Bitcoin (ETH/BTC) in short term. However, ETH has the potential to go parabolic early in 2022, the analyst predicts.
“ETH: Welcome to the future. Ethereum is going to do great in USD pair but still underperform BTC in the coming weeks.”
Looking in to the smart contract platform Solana (SOL), the analyst expects it to continue rallying, but ultimately quiet down against Bitcoin along with the others. Against USD the asset should keep rising.
“SOL: I still am of the opinion that Solana underperforms BTC in the coming weeks when BTC really starts to move. USD pair should still continue strongly though.”
$SOL: I still am of the opinion that #Solana underperforms btc in the coming weeks when btc really starts to move. USD pair should still continue strongly though. pic.twitter.com/L126vsrXhn
