A popular analyst is providing price target updates for four crypto assets as the market tries to end the week on a positive note.
Pseudonymous trader known as Altcoin Sherpa Tell His 180,800 Twitter followers say that while he does expect Bitcoin (BTC) to revisit $28,000 in the near future, the brief surge above $24,500 on July 30 doesn’t convince him that BTC is witnessing any near-term A strong uptrend is roughly the time.
“I still think we’ll get to $28,000 in the medium term, but would like to see more dips around the $23,000 to $22,000 area to form a notable low. Honestly, the last high at $24,700 wasn’t very convincing, but still a bullish market structure in my opinion. “
analyst Believe If Bitcoin finds higher lows in the $22,000 to $23,000 range, it could rally, although he expects Ethereum (ETH) to break out ahead of BTC.
“I would like to see higher lows around $22,000 to $23,000, which remains bullish on the long-term chart unless indicated otherwise.
Still watching ETH closely, I think it’s ahead. “
At the time of writing, Bitcoin is valued at $22,919.
Next on the radar of analysts is the smart contract platform Solana (SOL).Altcoin Sherpa Say He has been on the sidelines and expects more swings in the $32 and $47 range.
“It doesn’t seem really clear to me that I haven’t held any active roles for Solana in a while.
Lower highs are followed by higher lows, and more volatility is generally expected. “
While SOL has gained 2.08% in the past 24 hours and changed hands at $40.39, Solana has also seen a slow pullback from the market rally that peaked last Saturday.
Turning to leading smart contract platform Ethereum, which analysts see as a bright spot for U.S. dollar (USD)-losing investors, notice ETH looks strong relative to BTC.
“Your dollar may fall, but the ETH/BTC pair is really strong.
Very interesting price action in the medium term; I think there is some argument for not holding any BTC in the future. “
At the time of writing, Ethereum is trading at $1,731.
Finally there is Optimism (OP), which is a layer 2 scaling solution for Ethereum.Crypto Strategist Say After the major rally in altcoins over the past few weeks, he plans to short OP to hedge against his other more aggressive crypto investments.
“Short it as a hedge against my other stuff.”
Optimism fell below $0.50 in mid-July before a series of gains pushed OP to $2.24. The altcoin has since corrected with an asking price of $1.93 at the time of writing.
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