Trader Updates Outlook on Altcoin That’s Exploded 2x in Two Weeks, Says One Catalyst Is Mega Bullish for Bitcoin
A widely followed crypto analyst and trader is offering his take on a decentralized machine-learning altcoin that’s jumped by triple digits in a fortnight.
The analyst pseudonymously known as Altcoin Sherpa tells his 206,600 followers on the social media platform X that the Fibonacci retracement levels on the daily chart of Bittensor (TAO) are “holding up” amid the crypto asset’s stratospheric rally that started in October of 2023.
Based on the analyst’s chart, it appears the key support and resistance zones are aligning with the Fibonacci retracement levels such as the 50% retracement level, the 38.2% retracement level and the 23.6% retracement level.
TAO is trading at $437 at time of writing, up 100% from the January 16th low of $218.
Turning to Bitcoin (BTC), Altcoin Sherpa says that the approval of the spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) last month is “mega bullish long term” for the flagship crypto asset.
On the price action that Bitcoin is likely to experience over the short term, the pseudonymous trader says,
“I predict more overall chop between $35,000 – $50,000 for the next few weeks/months and then we see some good times later in the year. Price likes to trade here.”
Bitcoin is trading at $42,028 at time of writing.
Turning to Solana (SOL), the analyst says he’s overall bullish on the altcoin this year. Over the short term, Altcoin Sherpa says,
“I think at this point that this slowly grinds to $120 again. I’m still of the opinion that lower levels are coming eventually but maybe more upside first.”
Solana is trading at $94 at time of writing.
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