A popular crypto analyst is setting price targets for three crypto assets as the markets try to bounce back from a shaky start to 2022.
In a new strategy session, the host of financial education YouTube channel InvestAnswers shares with his 407,000 subscribers a Bitcoin (BTC) chart from CryptoStackers founder Forrest Przybysz.
The chart features three key price range metrics: accumulation in the lows, mean reversion where price bounces back, and overextension which plots out anticipated rally tops.
The InvestAnswers host says of Przybysz,
“He’s very conservative in his estimates and I love his simple charts. He believes we could go to $102,000 in this bull market this year.
The mean reversion line is about $51,000, and the shopping layer is between $30,000 and $25,000 – but obviously a little bit higher too. We’re not going to see that at $25,000. We didn’t even get under $31,000.”
Bitcoin has managed to sustain the rally from its monthly low under $34,000 on January 24th, but at $38,873 is still 17.9% off its $47,292 valuation on New Year’s Day.
Next up is leading smart contract platform Ethereum (ETH), which has dropped 25% so far this year.
The crypto analyst references another CryptoStackers chart while discussing the status of ETH 2.0 to see where the project might be headed next.
“Looking at this chart you will see the accumulation zone [$1,881] which we’re way above right now. Mean reversion about $3,760. And the overextension about $7,500.
We spent all of 2021 talking about ETH 2.0, that’s now a thing of the past, doesn’t exist. They’re kind of rebranding what it’s supposed to be. Maybe that’ll help them buy more time, but we’ll see if we’re actually going to get there at all.
Many people are saying… consensus mechanism is not going to be ready until probably 2023.
That’s reflected by, as we saw, the money outflows, the lack of confidence, and money flowing into other assets as we go forward.”
Ethereum is up 5.68% on the day and trading for $2,785.
Last on the list is the open-source, decentralized blockchain network Algorand (ALGO).
Regarding the well-known financial media outlet The Motley Fool’s claim that Algorand will be the Solana (SOL) of 2022, the InvestAnswers host remains skeptical.
“Looking at the chart of Algorand for the last 12 months, it’s flat.
It’s basically where it was a year ago. That’s never a good sign for kind of a whole year to be lost.”
Regarding tokens that have traded flat such as ALGO, the host concludes,
“Yeah, some of them may double, but we want more than a double this year, that’s what we’re looking for. We start at triples.
Considering the retracement we’ve had as well, it should be very easy to find a whole bunch of triples.”
At time of writing, Algorand is up 3% to $0.98. A month ago it was trading for nearly $1.70.
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