A closely followed crypto market trader thinks the Bitcoin (BTC) bull market remains in full swing while predicting an early altseason for one crypto asset in particular.
The pseudonymous trader known as Altcoin Sherpa is bullish on the decentralized streaming platform Theta (THETA). He tells his 145,900 Twitter followers that THETA may be gearing up to rally and precede the rise of many altcoins in the space.
“I think that this one will moon earlier than other altcoins. It’s been in an accumulation range for longer than most and hasn’t pumped really in quite some time.
I expect many alts to look like SNX did back in 2020. V-shaped reversal/accumulation/expansion.”
He adds that THETA tends to move on its own terms, distinct from the rest of the overall crypto market.
“THETA is one that could outperform. It chopped around longer than others AND it also has its own market cycles/does shit on its own usually”
Currently, THETA is trading at $8.06.
Taking a look at Bitcoin (BTC), the pseudonymous trader says that dips may be shallower than those experienced in 2020 as the context surrounding the market is different.
The most recent BTC pullback measured just under 14%, whereas 2020’s pullback before liftoff was 17%.
“BTC: Market structure, context, charts are all different vs. other 20k resistance price action in 2020. With that said, the pullbacks don’t have [to] be that deep when price grinds near ATH [all-time high] levels like this. Up only.”
Sherpa also looks at Algorand (ALGO), noting that it may have trouble outperforming Bitcoin as it struggles to break out of its sideways range.
“ALGO: I think this one continues to chop around a lot. I don’t know if it outperforms BTC, seems unlikely.”
Finally, he takes a look at the blockchain indexing protocol The Graph (GRT). After highlighting that the token is showing signs of accumulation, Sherpa says that GRT might be about to take off.
“GRT: This coin seems to be showing some signs of accumulation. Some nice volume coming in. I wouldn’t mind scaling in here for a passive trade.”
At time of writing, GRT is trading at $1.18.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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