Renowned crypto analyst Sherpa recently shared a positive outlook on Bitcoin (BTC) while also evaluating three altcoins. Speaking to his 224,200 followers on X (formerly Twitter), Sherpa highlighted that Bitcoin’s daily chart is showing a convergence of the 25, 55, 100, and 200-period exponential moving averages, signaling that Bitcoin’s price is facing “extremely tight” pressure.
Sherpa hinted at an upcoming big move for Bitcoin, stating that it is likely to be an upward breakout. As of now, Bitcoin is trading at $62,150, and Sherpa commented, “A big move is coming, likely to the upside.”
Sui’s Market Performance
Sherpa also touched on the performance of Sui (SUI), a layer-1 altcoin, which has seen “wild” price action over the past few weeks. However, he warned that Sui’s supply is expected to increase in the future, which could present a great trading opportunity, though it may not be the best long-term hold due to the supply expansion.
“Sui makes for a great trade, but considering the unlocks, it might not be the best long-term hold,” Sherpa advised.
Aptos and Eigenlayer Analysis
Discussing the layer-1 blockchain Aptos (APT), Sherpa noted uncertainty over its long-term potential but acknowledged its strong short-term performance. APT is currently priced at $9.12 and has surged by about 50% over the last 30 days. Sherpa noted, “APT looks really strong in the short term. It’s probably a good spot trade, and you can expect it to go above $10.”
As for Eigenlayer (EIGEN), Sherpa advised a more cautious approach, suggesting it’s better to wait for a decisive breakout to confirm its momentum. Eigenlayer is currently trading at $4, and Sherpa added, “It’s better to wait for a real breakout and then jump on board to see if the momentum is sustainable.”
Sherpa’s insights highlight potential opportunities in Bitcoin and select altcoins, although he also urged caution when considering long-term holds, given the market’s volatility.
As the crypto markets continue to shift, investors should stay updated with market analysis and conduct their own research. It remains to be seen whether Bitcoin will maintain its role as a leading digital asset and if altcoins can sustain their growth.
For more detailed analysis and updates, stay tuned to Dey There.
Bitcoin, Sherpa, altcoins, Sui, Aptos
