Crypto analyst Altcoin Sherpa, with a substantial following of 217,600 on X, has updated his perspective on Bitcoin (BTC) and highlighted a promising competitor to Ethereum (ETH).

In his recent strategy session, Altcoin Sherpa expressed optimism about the price action of Fantom (FTM), a smart contract platform. He mentioned that FTM is currently consolidating at a key level and interacting with the 200-day exponential moving average (EMA). Altcoin Sherpa expects a chop range to form between $0.50 and $0.70, which he considers to be a healthy price action. He further emphasized that FTM is likely to continue being a strong project, especially with its pivot to Sonic.

As of now, FTM is trading at $0.564, indicating a 2.5% gain over the past 24 hours.

Shifting his focus to Bitcoin, Altcoin Sherpa expressed concern over the lack of follow-up after the cryptocurrency’s recent crash. He stated that if he does not witness any significant developments within the next 24 hours, he plans to lower his exposure to BTC.

Altcoin Sherpa also highlighted two key indicators that suggest Bitcoin is lacking continued momentum. He mentioned a “nasty candle” on the 4-hour chart and the resistance of the 25 EMA on the same timeframe. These factors lead him to suggest reducing exposure to BTC, as there is a limited amount of follow-up activity.

At the time of writing, Bitcoin is trading at $60,915, with a slight increase in value over the past day.

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