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A popular analyst provides price target updates for four crypto assets as markets look to end the week on positive territory.
The pseudonymous trader known as Altcoin Sherpa says to his 180,800 Twitter followers that while he expects Bitcoin (BTC) to rebound to $28,000 in the not-too-distant future, the brief rally above $24,500 on July 30 did not convince him that BTC is witnessing a strong uptrend short term time frame.
“I still think we’ll go to $28,000 in the medium term, but I’d like to see more pieces around that $23,000-$22,000 area to form a significant low. The last high at $24,700 was not very convincing to be honest, but still a bullish market structure in my opinion.”
The analyst believes 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 is still bullish on long-term charts until proven 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 Solana (SOL) smart contract platform. Altcoin Sherpa says it is sitting on the sidelines and waiting for more movement up and down the $32 and $47 range.
“It seems really unclear to me, I haven’t had any active positions on Solana for a while.
Lower high followed by higher low, expecting more steak overall.”
Solana has also experienced a slow decline since the market-wide rally that peaked last Saturday, although SOL managed a 2.08% rally in the last 24 hours and is changing hands at $40.39.
Heading into the leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost money against the US dollar (USD). noting that ETH looks strong against BTC.
“You may be bad on 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 holding any BTC going forward.”
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 says that after the altcoin’s big rally in recent weeks, he plans to short OP to offset his other more aggressive crypto investments.
“I’m shorting it as a hedge for my other stuff.”
Optimism traded below $0.50 in mid-July before a series of rallies sent OP to $2.24 on Wednesday. The altcoin has since corrected to an asking price of $1.93 at the time of writing.
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Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Marko Aliaksandr
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