A popular crypto market analyst thinks an upcoming Bitcoin move could leave altcoin traders underexposed to the top crypto asset.
The pseudonymous trader known as Altcoin Sherpa tells his 133,300 Twitter followers that the Bitcoin dominance chart over the crypto market looks bullish, which typically corresponds with a bleed out from altcoins against their BTC valuation.
The Bitcoin dominance chart tracks BTC’s market cap relative to the valuation of the rest of the crypto markets. A bullish BTC dominance chart indicates that Bitcoin is rising faster in value than other crypto assets.
Looking at Bitcoin, Sherpa says that Bitcoin’s market structure has turned bullish after reaching its first higher high in five months.
As for the second-largest cryptocurrency Ethereum (ETH), the trader expects ETH to inch its way toward a fresh all-time high.
Currently, Ethereum is trading just over $3,500, but Sherpa is expecting the $4,300 level to be broken by November.
Finally, Sherpa is keeping his eye on the smart contract platform Harmony (ONE). He says that ONE looks ready to move higher against both the USD and BTC.