Sherpa

<div class="dailyhodl"> 
 A closely followed crypto trader says Bitcoin (BTC) is showing significant strength despite concerning developments in digital assets. 
 Pseudonymous trader Altcoin Sherpa tells his 196,300 followers on the social media platform X that Bitcoin could reach $28,000 and beyond on its current rally despite what could be considered negative news for crypto. 
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">    
 </div> 
 The trader apparently refers to both the consumer price index (CPI) report coming in this week showing an increase in inflation and a court ruling that allows bankrupt FTX to sell off its crypto assets. 
 “IMO (in my opinion) the market trades higher in the short term. The way that BTC priced absorbed the ‘bad news’ of&nbsp;CPI and FTX selling off means that we’re going to $28,000-plus IMO. Usually, the market reaction to news is a good reflection of where we go in the short term.” 
 The trader draws a comparison to 2020 when Bitcoin also withstood challenging developments in the crypto space. 
 “I.e. I remember in 2020 during the massive consolidation period (after March), price would shrug off every piece of bad news thrown at it and barely move. Binance FUD (fear, uncertainty and doubt)? Tether FUD? Black swan FUD? Didn’t matter.” 
 According to the trader, Bitcoin is flashing bullishness despite the FTX asset sale ruling. 
 “Am I saying this is like 2020? Hell no, we’re nowhere close to that environment. 
 But if things were truly really bearish, price would have capitulated off that FTX news IMO. Instead we barely moved anywhere and price kept chopping. 
 Great sign for us I think.” 
 Bitcoin is trading for $26,470 at time of writing, up 0.6% in the last 24 hours. 
 Next, the trader issues a warning about Ethereum (ETH) rival Solana (SOL). He says that Solana appears to be in a larger downward trend despite a recent rally since SOL is printing lower high prices in the last few weeks. 
 “SOL: Would be cautious on this current move up. It’s nice to see some recovery, but every rally in the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it can’t be bad to accumulate sub-$20 IMO.” 
 Despite the near-term concern, the trader believes that there is huge upside potential for Solana in the next bull market cycle. 
 “Lots of activity around the $14 level. It’ll depend on how the FTX assets are sold off, but I do think that SOL is going to do great multiples next cycle (as will everything else). I think accumulating from $15-$5 is a good strategy. Scale in, DCA (dollar cost average), don’t ape IMO.” 
 <figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6ASdXuXYAAWi94?format=png&amp;name=4096x4096" alt="Image" width="2475" height="1221">
 <figcaption class="wp-caption-text">
 Source: Altcoin Sherpa/X
 </figcaption>
 </figure> 
 Solana is trading for $18.80 at time of writing, down 1% in the last 24 hours. 
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/trader-says-bitcoin-just-flashed-a-great-sign-predicts-one-top-10-altcoin-will-go-parabolic-in-coming-months-tbt62894.html">https://thebittimes.com/trader-says-bitcoin-just-flashed-a-great-sign-predicts-one-top-10-altcoin-will-go-parabolic-in-coming-months-tbt62894.html</a>

Trader Says Bitcoin Just Flashed a ‘Great Sign’, Predicts One Top-10 Altcoin Will Go Parabolic in Coming Months

TheBitTimes

Other articles published on Sep 15, 2023

Will Chainlink (LINK) and Hedera (HBAR) Continue Bullish Trajectory? Traders Look at Everlodge (E...

From Web2 Dominance to Web3 Disruption: Agoric’s Bold Journey

Ethereum Recovers, But Fails To Recapture $1,600 High

Fallout from New Pricing System is Only One of Unity’s Several Problems

MCD Stock Price Analysis: MCD Stock Defends $275; What Next?

Early access to Meta’s Horizon Worlds is available on mobile and the web.

Join our free newsletter for daily crypto updates!