A popular analyst is predicting if and when three cryptos can break out of the lingering market downtrend to achieve a short-term rally.<\/p>\n\n\n\n
Pseudonymous crypto trader Altcoin Sherpa\u00a0tells<\/a>\u00a0his 180,000 Twitter followers he\u2019s not encouraged by altcoins on their one-hour to daily high time frame [HTF] charts but thinks there could be temporary upside potential for certain projects.<\/p>\n\n\n\n Sherpa thinks both Cosmos (ATOM) and layer-1 scaling solution NEAR Protocol (NEAR) can do well.<\/p>\n\n\n\n \u201cThe HTF market structure is still incredibly bearish for many altcoins but if we see a bit more chop\/grinding + these bottom type of patterns playing out, I think we\u2019ll see a short-term move up.<\/em><\/p>\n\n\n\n Some potential double bottoms\/[cup and handle]\/etc. type of charts out there for now.\u201d<\/em><\/p>\n\n\n\n At time of writing,\u00a0Cosmos<\/a>\u00a0is up by 4.33% over the last 24 hours and trading for $9.06.<\/p>\n\n\n\n Next Altcoin Sherpa provides a look at Ethereum<\/a> (ETH) competitor NEAR.<\/p>\n\n\n\n NEAR Protocol<\/a> is down just shy of 2% on the day with an asking price of $3.44.<\/p>\n\n\n\n Moving on to the largest crypto asset by market cap Bitcoin (BTC), Altcoin Sherpa says<\/a> that despite Bitcoin\u2019s six-month-plus downward trajectory, he foresees another BTC rally mirroring its rise in late March and early April.<\/p>\n\n\n\n \u201cEvery single consolidation has resulted in a breakdown on high-time-frame charts. Is this time going to be the same?<\/em><\/p>\n\n\n\n There\u2019s going to be another bear-market rally similar to March\/April 2022; I don\u2019t know when\/where it\u2019ll happen though (or how high).\u201d<\/em><\/p>\n\n\n\n The analyst then tells<\/a> his 10,300 YouTube subscribers he thinks it\u2019s possible Bitcoin could rally as high as $30,000 during the next upswing.<\/p>\n\n\n\n \u201cYou\u2019re really looking for potentially a bear market rally where price is going to potentially rally harder than you think.<\/em><\/p>\n\n\n\n It could look like a move all the way up to $30,000. I don\u2019t know if it has the strength to get up there, but it is a scenario that I\u2019m viewing.\u201d<\/em><\/p>\n\n\n\n Altcoin Sherpa concludes his remarks by pinpointing $12,000 as a potential bear cycle low for Bitcoin, before adding that BTC\u2019s price might ultimately be determined by the equities markets rather than its merits or demand alone.<\/p>\n\n\n\n \u201cThis last kind of bearish retest that we saw in late March, that was kind of the last real bearish retest that we saw. Everything else has just been consolidation, breakdown, consolidation, breakdown. Now we\u2019re at consolidation.<\/em><\/p>\n\n\n\n We certainly could just see another breakdown to $12,000 or wherever. But there is going to be another bear market rally, I don\u2019t know what it\u2019s going to look like or how strong it\u2019s going to be, but as I said it\u2019s really going to largely depend on equities, in my opinion.<\/em><\/p>\n\n\n\n That\u2019s really just the nature of it, unfortunately.\u201d<\/em><\/a><\/p>\n\n\n\n