The outlook for Bitcoin, ApeCoin (APE), and altcoins amid signs of potential recovery

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A wide­ly fol­lowed cryp­to trad­er is shar­ing his out­look for Bit­coin, ApeCoin (APE) and two Ethereum-based alt­coins amid signs of poten­tial recov­ery for the cryp­to market.

Forecasts What’s Next for Bitcoin (BTC), ApeCoin (APE) and Two Ethereum-Based Altcoins

As Bit­coin con­tin­ues to trade above its 200-day expo­nen­tial mov­ing aver­age (EMA), Alt­coin Sher­pa tells his 180,700 Twit­ter fol­low­ers that the lead­ing vir­tu­al asset needs to hold up to con­firm an uptrend.

“BTC: I find this to be a key lev­el (this and $22,000) that must be held for a high­er low to be con­sid­ered. The last move bounced at the .618, this one is cur­rent­ly around the .50 level.”

“BTC: I don’t real­ly like long­ing this cur­rent area; I think a bit low­er is com­ing per­son­al­ly. To be deter­mined if this is going to set anoth­er high­er low; I see a bull­ish mar­ket struc­ture (bare­ly) on the 4h and the EMAs are all bull­ish too. That said, HTF still bear­ish”, San­ti­ment reported.

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He says that the Bored Ape Yacht Club (BAYC)-affiliated cryp­to asset APE could surge to $9.00 depend­ing on the price move­ment of Bit­coin and Ethereum. At time of writ­ing, APE is trad­ing for $7.43.

“APE: If BTC and ETH stay sta­ble I think this con­tin­ues to grind up to $9. I’m still in my posi­tion over­all but I’ve already tak­en a bit of prof­it. In since the mid $5s.”

Alt­coin Sher­pa also shares his fore­cast for Opti­mism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81, respec­tive­ly this month. He says that the two alt­coins are bound to go down fol­low­ing the price surge. OP is cur­rent­ly trad­ing for $1.86, while LDO is chang­ing hands at $2.57.

“I think both LDO and OP are prob­a­bly decent shorts, at a very min­i­mum a hedge against all of your spot hold­ings. High % chance these are much cheap­er tokens in the mid/long term. Don’t buy here if you plan on hold­ing for a while, in my opinion.”

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