Sherpa the Crypto Analyst Predicts Bitcoin (BTC) Breakout and Highlights Sui (SUI), Aptos (APT), and Eigenlayer (EIGEN)

One such prominent figure is a cryptocurrency analyst known as Sherpa, who is generating buzz with a bullish outlook for Bitcoin (BTC) and noteworthy assessments of three major altcoins: Sui (SUI), Aptos (APT), and Eigenlayer (EIGEN).

Prominent cryptocurrency analyst Sherpa is generating buzz with his bullish outlook for Bitcoin (BTC) and noteworthy assessments of three major altcoins: Sui (SUI), Aptos (APT), and Eigenlayer (EIGEN). With a following of over 224,200 on the social media platform X, Sherpa’s perspectives are gaining traction among investors and traders.

Bitcoin: Anticipating a Major Breakout

Currently trading at around $62,150, Bitcoin is exhibiting signs of “extremely tight” price compression. This phenomenon is marked by the convergence of multiple exponential moving averages (EMAs) on the daily chart, specifically the 25-period, 55-period, 100-period, and 200-period EMAs. According to Sherpa, this technical pattern suggests that a significant price movement is on the horizon, likely in an upward direction.

Sherpa confidently states, “Big move coming, probably to the upside,” signaling a strong belief that Bitcoin may soon break free from its current price range. If this occurs, it could attract a wave of new investors eager to capitalize on the anticipated upward momentum.

Bitcoin price is exhibiting signs of extremely tight compression on the daily chart. Multiple EMAs are converging now, which usually leads to a big move coming, probably to the upside.

A close friend of mine works at a hedge fund. He told me that they are watching the Bitcoin price action closely and waiting for it to hit a new all-time high so they can buy in. They missed out on the last bull run because they were waiting for a better entry and now they have a lot of clients’ money to deploy.

If and when BTC makes a new all-time high, we can expect a lot of new money to flow into the crypto market, which could lead to another parabolic bull run like we saw in 2021.

Keep an eye on this development and consider adding some BTC to your portfolio at the lower timeframes if you believe in the breakout.

Sui: Strong Gains with Supply Concerns

Next, Sherpa turns his attention to Sui, a layer-1 altcoin that has seen remarkable performance recently. Sui is currently priced at $1.92, representing a staggering increase of over 100% in just the last 30 days. While this growth is impressive, Sherpa cautions that the supply of Sui is set to increase soon due to upcoming unlocks, which could impact its price.

He advises, “This makes a great trade but maybe not the best hold given unlocks.” This highlights the importance for traders to consider short-term opportunities while being aware of potential long-term volatility. As the supply of Sui expands, it may lead to price fluctuations that could affect long-term holders.

Aptos: Promising Short-Term Performance

Aptos (APT) is another token that Sherpa is optimistic about. Currently trading at $9.12, Aptos has surged nearly 50% over the past month. Sherpa expresses a positive outlook for Aptos in the short term but acknowledges uncertainties about its long-term performance.

He comments, “APT: not sure how this is in the long run but it definitely looks really strong in the short term.” Sherpa suggests that Aptos could be a favorable spot trade, encouraging traders to hold the asset temporarily while waiting for it to reach the $10 mark. This indicates that while short-term gains may be achievable, investors should remain cautious about the future trajectory.

Eigenlayer: A Cautious Approach

Lastly, Sherpa discusses Eigenlayer (EIGEN), a relatively new restaking protocol currently priced at $4. He describes Eigenlayer as being at a critical juncture, with its future momentum remaining uncertain.

Sherpa advises traders to exercise caution, saying, “Better to wait for the true break and then hop on the train later in my opinion.” This suggests that he believes it is wise to wait for clearer signals of upward movement before making significant investments in Eigenlayer. By doing so, traders can mitigate risk and maximize their chances for profit.