A widely followed crypto trader is sharing his outlook for Bitcoin (BTC), Apecoin (APE) and two ethereum (ETH)-based altcoins amid signs of a possible recovery in the crypto market.
As Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa told his 180,700 Twitter followers that the leading virtual asset needs to hold on to confirm an uptrend.
“BTC: I find this to be a key level (this and $22,000) that has to be held to consider higher lows. Last rally was at 0.618, currently around 0.50.”
Bored Ape Yacht Club (BAYC)-affiliated crypto-asset APE could surge as high as $9.00, depending on the price action of bitcoin and ethereum, he said. At the time of writing, APE is trading at $7.43.
“APE: If BTC and ETH hold steady, I think this will continue to $9. I’m still in my position overall, but I’ve made some profits. From mid-$5.”
Altcoin Sherpa also shared his predictions for Optimism (OP) and Lido Dao (LDO), peaking at $2.18 and $2.81 respectively this month. As prices surge, the two altcoins are bound to fall, he said. OP is currently trading at $1.86, while LDO is changing hands at $2.57.
“I think both LDO and OP could be good shorts, at least to hedge all your spot. The odds are high for these tokens in the medium/long term. I think if you plan to hold for a while, don’t be in Buy it here.”
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