Apex cryptocurrency Bitcoin BTC/USD is likely to see more choppy trading, while decentralized finance (DeFi) tokens Avalanche AVAX/USD and dYdX DYDX/USD continue to trend higher, according to pseudonymous cryptoanalyst “Altcoin Sherpa.”
What Happened: Altcoin Sherpa told his 129,000 followers on Twitter that, while Bitcoin will likely see more volatility between the $40,000 and $50,000 levels, it will surge once it breaks through the $50,000 level.
$BTC: I think we're going to see similar price action to what we saw in the summer of 2020 for the next few weeks personally. I'm guessing we still see more chop between 40-50. Once it leaves 50k, it will moon and alts say goodnight. #Bitcoin https://t.co/TnbVucYiXp
— Altcoin Sherpa (@AltcoinSherpa) September 26, 2021
The crypto analyst said he sees a bullish market structure for Avalanche — a smart contract platform that operates in the DeFi space — and continues to target the altcoin touching $100 in the coming weeks.
$AVAX: Still 1 of my biggest bags, market structure is still bullish from what I can see. Still targeting $100 in the coming weeks. We'll see if L1s continue though. #AVAX pic.twitter.com/8I0fGMerrS
— Altcoin Sherpa (@AltcoinSherpa) September 27, 2021
See Also: How To Buy Avalanche (AVAX)
Altcoin Sherpa also lamented that he missed the entire run in DYDX, which is continuing to trend higher despite discussions surrounding the altcoin’s utility.
$DYDX: I missed this entire run bc I'm an idiot and not in tune with the market. Trend still seems to be up for now. waiting for some sort of big blowoff top before pulling back. I know there is some fud / discussions about the utility of this thing but it probably doesnt matter pic.twitter.com/0Fq0Du1AvX
— Altcoin Sherpa (@AltcoinSherpa) September 27, 2021
See Also: JPMorgan CEO Jamie Dimon: Bitcoin Could 10X In 5 Years, But I Don't Care
Why It Matters: AVAX is the native token of the Avalanche blockchain, which raised $230 million in a private token sale earlier this month. The altcoin is now the eleventh largest cryptocurrency in terms of market capitalization, according to CoinMarketCap data.
Avalanche’s year-to-date gains are an impressive 1,753.6% but the cryptocurrency is down 14.1% from its all-time high of $79.52 reached last week.
dYdX is a decentralized exchange that saw higher trading volume on its platform than public cryptocurrency exchange Coinbase Global Inc. COIN on Monday amid China’s regulatory crackdown on cryptocurrencies. The platform's native token is currently down almost 13.6% from its all-time high of $22.85 reached on Monday.
Price Action: Bitcoin is down 4.2% during the past 24 hours, trading at $41,981.37 at press time, while Avalanche is down 2.6% during the 24-hour period to $66.91.
dYdX is down 5.4% during the 24-hour period to $19.43.
Photo: Courtesy of Jernej Furman via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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