A popular analyst provides price target updates for four cryptoassets as markets try to end the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa says to his 180,800 Twitter followers that while he expects Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, the brief surge above $24,500 on July 30 did not convince him that BTC is witnessing a strong uptrend in the short term time frame.
“I still believe we will 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 significant low. The last top at $24,700 wasn’t super convincing to be honest, but still a bullish market structure in my opinion.
The analyst mean Bitcoin could rally if it finds a higher low in the $22,000 to $23,000 range, although he expects Ethereum (ETH) to break out before BTC does.
“I would like to see a higher low set around $22,000-$23,000, this remains bullish on long-term time frame charts until shown otherwise.
I’m still watching ETH closely, I think it’s leading.”
At the time of writing, Bitcoin is valued at $22,919.
Next on the analyst’s radar is the smart contract platform Solana (SOL). Altcoin Sherpa says he has been sitting on the sidelines and expects more up-and-down movement in the $32 and $47 range.
“It seems very unclear to me, I have been out of any active positions for Solana for a while now.
Lower high followed by higher low, expect more notches overall.”
Solana has also witnessed a slow decline from the market-wide rally that peaked last Saturday, although SOL has managed a 2.08% rally in the past 24 hours and is changing hands at $40.39.
Moving on to leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost money against the US dollar (USD), notes that ETH looks strong against BTC.
“You may be bearish on the USD, but the ETH/BTC pair is very strong.
Very interesting price action 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.
Last is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist says that after the altcoin’s big rally in recent weeks, he plans to short OP to hedge against his other more aggressive crypto investments.
“Shortening this as a hedge for my other stuff.”
Optimism was valued below $0.50 in mid-July before a series of rallies sent OP as high as $2.24 on Wednesday. The altcoin has since corrected with a price suggestion of $1.93 at the time of writing.
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Featured image: Shutterstock/Marko Aliaksandr