A popular analyst provides price target updates for four crypto assets as the markets attempt to end the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa Tells His 180,800 followers on Twitter who expect Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, the short rally above $24,500 on July 30th did not convince him that BTC is seeing a strong uptrend in the short-term time frame.
“I am still in my opinion that we will go to $28,000 in the mid-term, but I would like to see more chops around this $23,000-22,000 area to form a big bottom. The recent rally at $24,700 was not very convincing frankly but it is still a bullish market structure in my opinion.”
analyst Believes Bitcoin could rally if it finds a higher low in the $22,000-$23,000 range, although Ethereum (ETH) is expected to break out before BTC.
“I would like to see a higher low set around $22,000-$23,000, and that’s still bullish on the longer time frame charts until it shows otherwise.
I’m still looking at ETH closely, I think it’s a pioneer.”
At the time of writing, Bitcoin is worth $22,919.
Next on the analyst’s radar is the Solana (SOL) smart contract platform. Altcoin Sherpa Says It has been sitting on the sidelines and expecting further upside and downward movement in the $32 and $47 range.
“It seems really unclear to me, I have left any active positions with Solana for a while now.
A lower rise is followed by a higher dip, with more cutting expected overall.”
Solana has also seen a slow pullback from the market rally that peaked last Saturday, although SOL has managed to rise 2.08% in the past 24 hours and trade for $40.39.
Turning to the leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost their money against the US Dollar (USD), note ETH looks strong against BTC.
“You may be lower in the USD but the ETH/BTC pair is really strong.
very exciting price movement in the medium term; I think there are some arguments for not holding any BTC going forward.”
Ethereum is trading at $1,731 at the time of writing.
The latter is Optimism (OP), which is a second layer scaling solution for Ethereum. crypto strategist Says That after the surge in altcoins over the past few weeks, he plans to sell OP to hedge against his other, more aggressive crypto investments.
Short selling this as a hedge for my other stuff.
The value of the optimism was below $0.50 in mid-July before a series of rallies sent the OP to $2.24 on Wednesday. The altcoin has since been corrected at a asking price of $1.93 at the time of writing.
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