A popular crypto analyst says an Ethereum (ETH)-based altcoin is poised for a big burst to the upside.
The pseudonymous trader known as Altcoin Sherpa tells his 196,000 followers on social media platform
“LINK: You had over 500 days to buy this and you still faded it. Now you’re going to miss out on all the profits. I still think this is one of the best coins/projects in all of crypto. Should be excellent if it gets out of range.
At the time of writing, LINK is trading at $10.71, well above the upper limit of Altcoin Sherpa’s accumulation range.
However, the trader says he still is skeptical as to whether a full-blown ‘altseason’, or a phase where many altcoins across the board witness parabolic gains, is upon us.
He says he keeps an eye on Ethereum vs. Bitcoin (ETH/BTC), which often measures investors’ risk appetite for altcoins, and Bitcoin Dominance (BTC.D), which tracks the percentage of the total crypto market cap given to Bitcoin belongs.
A relatively high BTC.D could indicate that investors are already overweight Bitcoin and that a liquidity shift to altcoins is possible. Altcoin Sherpa predicts that BTC.D will rise a little further before returning to the 56% level.
“Altseason times…could it be now? I’m doubtful. I will wait for another confluence with ETHBTC, BTC.D and BTC…
BTC.D: maybe a little higher for Bitcoin dominance and then the party can begin. Although the time could already be there.
(if you have alts you want this to go down)”
At the time of writing, BTC.D is trading at 52.43%, close to Altcoin Sherpa’s upside target of around 55%.
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Generated image: DALLE-2