Prominent Crypto Trader Shares Bullish Outlook on Bitcoin (BTC), Ethereum, and This ETH Alternative
Crypto trader Jelle posted several optimistic tweets about major cryptocurrencies Bitcoin, Ethereum, and Solana today. He pointed to technical indicators suggesting these assets are primed for further upside in the near future.
On Bitcoin, Jelle noted that its weekly relative strength index (RSI), a momentum indicator that measures the speed and magnitude of recent price changes, has broken above 70. Historically, strong Bitcoin rallies have followed weekly RSI readings surpassing this threshold.
“When #Bitcoin’s weekly RSI breaks above 70 — a strong move usually follows. And this one is only just getting started,” he tweeted. He pointed out on the chart that the last 3 times Bitcoin’s weekly RSI rose above 70, BTC prices increased by 3,547%, 70%, and 405% in subsequent months.
Currently trading around $41,800, Bitcoin remains well below its all-time high of nearly $69,000 from November 2021. However, Jelle seems unconcerned about short-term price action as long as Bitcoin stays under $70,000. “Still don’t care about which of these squiggly’s we follow. Using the volatility to grow my holdings, so long as we trade below $70.000. Patience is the name of the game,” he noted.
Beyond Bitcoin, Jelle also sees upside potential for Ethereum in the near future. “ETH looks primed for acceleration. Broke out, retested those highs — time to send it. Thin air between here and $3,000,” he tweeted. Ethereum is currently trading around $2,200, so a move to $3,000 would represent about a 36% price increase from current levels.
Finally, while many altcoins have seen substantial gains in recent months, Jelle points out that coins like Solana (SOL) remain well below previous all-time highs. “While most altcoins are up a lot, very few are anywhere close to their previous all-time highs. Take SOL for example. Still a long way to go,” he stated.
After bottoming around $15 in June 2023, SOL has increased over 300% to current levels around $71. However, it still trades nearly 75% below its peak of $258 last year, suggesting major upside if bullish momentum returns to altcoins.
So in summary, top crypto trader Jelle is sharing an upbeat short- and long-term view on Bitcoin, Ethereum, Solana and the broader crypto market. He believes technical indicators point to accelerating price increases in the days and weeks ahead, especially for blue chip crypto assets. It will be interesting to see whether his analysis proves prescient in another potential crypto bull run.
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