A popular crypto trader and analyst is expressing bullish sentiment for Bitcoin (BTC) with a caveat.<\/p>\n
Pseudonymous crypto trader Altcoin Sherpa tells<\/a> his 174,900 Twitter followers that he is \u201ccautiously bullish\u201d on Bitcoin while noting that corrections have typically followed BTC\u2019s upward moves in the past.<\/p>\n According to Altcoin Sherpa, his bullish thesis will be invalidated if the key support level of between $36,000 and $37,000 is breached.<\/p>\n \u201cBTC: Although I\u2019m still cautiously bullish until we lose $36,000 \u2013 $37,000 on high time frame charts, it\u2019s important to note that every single one of these moves has quickly retraced. A few observations, though\u2026<\/em><\/p>\n 1- We saw some big moves in February and March followed by quick retracement.<\/em><\/p>\n 2- The \u2018pumps\u2019 and \u2018dumps\u2019 have been noticeably smaller over the last few weeks. <\/em><\/p>\n 3- I\u2019m still hopeful\/believe that we\u2019ll see a pump to $50,000 \u2013 $55,000 before potential new lows.\u201d <\/em><\/p>\n Bitcoin<\/a> is trading at $39,480 at time of writing.<\/p>\n Next up is the primary token of the Bored Ape Yacht Club non-fungible token (NFT) collections, ApeCoin (APE).<\/p>\n While laying out two likely scenarios for APE, Altcoin Sherpa says<\/a> that the Bored Ape Yacht Club\u2019s primary token is more likely to break out of the current range than remain in the present zone.<\/p>\n \u201cAPE: There are 2 outcomes here in my opinion: One is a V-shaped reversal to the $19 \u2013 $20s and price dumps big after. The second is a longer sustainable high time frame bottom where price chops between $15 \u2013 $17 for a while and then we see a more sustained move. I\u2019m leaning more towards the first one.\u201d<\/em><\/p>\n ApeCoin<\/a> is trading at $15.67 at time of writing.<\/p>\n Next up is the utility token of the Ethereum-based NFT marketplace LooksRare (LOOKS). Altcoin Sherpa says<\/a> that LOOKS is set to appreciate by over 10% from current levels.<\/p>\n \u201cLOOKS: I\u2019m still in this trade, I bought at $1.75, $1.60, and $1.40. Should have bought a lot more at $1.40 but is what it is, a bit out of the loop in the market right now. I still think that this is going to the low $2s at a minimum. Will sell partial around there.\u201d<\/em><\/p>\n LOOKS<\/a> is trading at $1.76 at time of writing.<\/p>\n Altcoin Sherpa concludes with the native token of the decentralized application platform Near Protocol (NEAR).<\/p>\n Using a chart indicating that NEAR is currently approaching a key 0.5 Fibonacci resistance level while trading under the 200 moving average on the four-hour chart, Altcoin Sherpa says<\/a> that traders should now reduce their positions in the token.<\/p>\n \u201cNEAR: would probably get ready to take some profits soon if in this.\u201d<\/em><\/p>\n NEAR<\/a> is trading at $12.51 at time of writing.<\/p>\n Check Price Action<\/a><\/span><\/em>
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