Experienced cryptocurrency analyst Altcoin Sherpa has issued a warning to investors of Tellor Tributes (TRB), a decentralized oracle protocol seen as a competitor to Ethereum-based Chainlink (LINK). The analyst also expressed a contrary view to the general consensus, expecting Bitcoin (BTC) to rise.
Anonymous cryptocurrency analyst and trader Altcoin Sherpa stated on their personal account that they are preparing for a correction following the recovery of Tellor Tributes (TRB) by just over 300% since mid-August. The analyst warned of a major drop for TRB, stating, “These crazy games will eventually come to an end, but considering market maker activities, this game has achieved great success. I will short around $40 – $45.”
Looking at the chart shared by the analyst, it can be seen that Tellor Tributes is expected to rebound towards the $45 peak it reached earlier this month, followed by a drop below $28. At the time of writing, Tellor Tributes is trading at $34.57.
After issuing the warning for TRB, Altcoin Sherpa examined Bitcoin and stated that the largest cryptocurrency appears ready to surpass an important resistance level. They said, “Volatility is increasing. $28,000 is coming. In my opinion, don’t position yourself expecting a drop against this rise.”
At the time of writing, Bitcoin is trading at $26,669, a 1.61% decrease in the last 24 hours.
Cryptocurrency analyst Ali Martinez also warned of a similar scenario, stating that the on-chain activity of Bitcoin indicates the early stages of a bull run. Martinez said:
A bull run in Bitcoin is usually characterized by increasing on-chain activity. It becomes noticeable when the monthly average of newly created wallet addresses (red) surpasses the yearly average (blue). This indicates strengthening fundamentals and increased usage.
It is important to note that Bitcoin’s on-chain activity is expanding despite stagnant prices. This indicates that the eagerly anticipated bull run in Bitcoin is about to start again.