A popular analyst provides target price updates for four crypto assets as markets attempt to end the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa He says his 180,800 Twitter followers that while he expects Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, the brief spike above $24,500 on July 30 did not convince him that BTC is witnessing a strong uptrend in the short term period of time.
“I remain of the opinion that we are going to get to $28,000 in the medium term, but I would like to see more cuts around this $23,000-$22,000 area to form a meaningful bottom. The last high of $24,700 wasn’t very convincing to be honest, but it’s still a bull market structure in my opinion.”
the analyst believe Bitcoin may rally if it finds a higher low in the $22,000-$23,000 range, though expect Ethereum (ETH) to break out before BTC.
“I would like to see a higher low set around $22,000-$23,000, this remains bullish on long time frame charts until otherwise shown.
I keep watching ETH closely, I think it leads.”
At the time of writing, Bitcoin is valued at $22,919.
Next on the analyst’s radar is the Solana (SOL) smart contract platform. Sherpa Altcoin He says has been sitting on the sidelines and expects more moves up and down in the $32 and $47 range.
“It seems very unclear to me, I have been out of any active position for Solana for a while now.
Lower high followed by higher low, expecting more chop overall.”
Solana has also seen a slow decline since the market-wide rally that peaked last Saturday, although SOL has made a 2.08% rally over the last 24 hours and is changing hands at $40.39 .
Turning to the leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost money against the US dollar (USD), taking note that ETH looks strong against BTC.
“It may be bad in USD, but the ETH/BTC pair is really strong.
Very interesting price action in the medium term; I think there are some arguments for not having any BTC in the future.”
Ethereum is trading at $1,731 at the time of writing.
The latest is Optimism (OP), a layer 2 scaling solution for Ethereum. the crypto strategist He says that after the big altcoin rally in recent weeks, he plans to short OP to hedge against his other more aggressive crypto investments.
“Shorting this as a cover for my other stuff.”
Optimism was priced below $0.50 in mid-July before a series of rallies sent OP to $2.24 on Wednesday. Since then, the altcoin has corrected with an initial price of $1.93 at the time of writing.
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Featured Image: Shutterstock/Marko Aliaksandr