A popular analyst is providing price target updates for four crypto assets as the markets try to end the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa tells his 180,800 Twitter followers that while he does expect Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, the brief surge above $24,500 on July 30th didn’t convince him that BTC is witnessing a strong uptrend in the short-term timeframe.
“I’m still of the opinion we’re going to $28,000 in the mid-term, but would like to see more chop around this $23,000-$22,000 area to form a significant low. The last high at $24,700 wasn’t super convincing to be honest but still a bullish market structure in my opinion.”
The analyst believes Bitcoin can rally if it finds a higher low in the $22,000 to $23,000 range, although he expects Ethereum (ETH) will break out before BTC does.
“I would like to see a higher low get set around $22,000-$23,000, this is still bullish on long timeframe charts until shown otherwise.
Still eyeing ETH closely, I think it leads.”
At time of writing, Bitcoin is valued at $22,919.
Next on the analyst’s radar is smart contract platform Solana (SOL). Altcoin Sherpa says he’s been sitting on the sidelines and expects more up-and-down movement in the $32 and $47 range.
“Seems really unclear to me, I’ve been out of any active positions for Solana for a while now.
Lower high followed by higher low, expecting more chop in general.”
Solana has also witnessed a slow grind down from the market-wide rally that peaked last Saturday, although SOL has managed a 2.08% rally over the past 24 hours and is changing hands for $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), noting that ETH is looking strong against BTC.
“You might be down bad in USD but the ETH/BTC pair is really strong.
Very interesting price action in the mid-term; I think that there are some arguments for not holding any BTC going forward.”
Ethereum is trading for $1,731 at time of writing.
Last is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist says that after the altcoin’s major rally over the past few weeks, he plans to short OP to hedge against his other more aggressive crypto investments.
“Shorting this as a hedge for my other stuff.”
Optimism was valued below $0.50 in mid-July before a series of rallies sent OP to as high as $2.24 on Wednesday. The altcoin has since corrected with an asking price of $1.93 at time of writing.
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Featured Image: Shutterstock/Marko Aliaksandr