Bitcoin has started another journey for $50 and staying above $40,000 shows investors are keen on lower levels. Now, a critical period may be approaching for altcoin projects. This is due to the fact that altcoin projects such as Ethereum, Solana and Avalanche are getting stronger against BTC. So what are the analysts saying? We have compiled the technical analysis and charts of 3 master Twitter analysts…
Credible sets $2,700 support for the leading altcoin
A closely followed crypto strategist and trader is charting support targets for Ethereum (ETH) and two other altcoins as he believes the worst pullback in the market is over. The Twitter analyst, nicknamed Credible, tells his 241,400 followers that he is looking to Ethereum to bottom at the weekly support level.
I am looking for ETH of about $2,700 close to my target.
Another cryptocurrency on the analyst’s radar is the P2P payment network Hedera Hashgraph (HBAR). The analyst says he is looking for HBAR to bounce around its “main support” at $0.30.
After exiting a seven-month consolidation, we achieved a 46% correction in HTF (high time frame) support. This is an HTF bullish test until/until this zone is lost. This is also the ideal place to become an HBAR buyer.
Altcoin listed on CVX
The crypto strategist also closely follows Convex Finance (CVX), a decentralized finance protocol built on Curve Finance. Credible said he expects CVX to bounce off support around $7.00 and rally to an all-time high:
It went a little lower on this dip than I expected, but I would be VERY surprised if this wasn’t our local low. (CVX)
Scott Melker examines the graphs of FTM and AVAX
Technical Analyst Scott Melker says he has retested the ATH level for FTM and AVAX has grown incredibly strong with the corrections. With the crypto market showing bearish charts all day, Technical Analyst Scott Melker, known as Wolf of All Streets, brings good news. Recently, he published two charts showing great formations from two altcoin projects, Fantom (FTM) and Avalanche (AVAX). According to Melker, The Phantom may be doing well. The analyst mentioned sharing his FTM setup in a potential retest. Now, it’s confirmed that it’s started. He added that while this looks good at the moment, the market is still shaky. Technical chart and analysis:
In the news release yesterday, I shared a setup for FTM in potential retest of .9587 with all-time high support. It filled. It looks good for now, but the market is still shaky.
As you know, Fantom is seen as one of the most promising Tier 1 Blockchains in the market, it has low transaction fees and provides good security. FTM also recently reached its ATH level of $1.92 on September 9, 2021. Alongside Phantom, Melker also took a look at the AVAX charts. According to the charts shared by Melker, AVAX has never lost its previous all-time high as its support on the Bitcoin pair. Melker talks about AVAX gaining incredible power through correction. Technical chart and analysis:
It has never lost its previous all-time high support in the BTC pair. Incredible power so far through the fix.
Should investors view Bitcoin as an asset class?
A question posed to Shane Oliver, head of investment strategy and chief economist at AMP Capital, was answered with a detailed market analysis. Oliver expressed some potential optimism about certain altcoin projects, including Ethereum. However, he said that he is not very enthusiastic about the long-term outlook for Bitcoin:
I’m a little skeptical. It’s hard to see Bitcoin turning into cryptocurrency. Very expensive per transaction, about $30 per transaction. Very slow. And it is extremely variable. Bitcoin is bouncing everywhere in the short term, so I don’t know exactly what its value will be at any given time. However, I know the value of the money in my bank account.
As you know, Bitcoin is indeed extremely volatile. Note that in mid-April, BTC was at $64,200 per unit. And on July 20, he visited $29,650. Oliver also pointed out that Bitcoin is not a rent or profit generating capital asset, making it impossible to value. He then referred to the use of energy by the large number of computers used to verify Blockchain transactions and mine new Bitcoin, describing the energy use as “comparable to the entire Argentine nation”, and said that this is not a good setup in today’s environmentally oriented world. While seeing a future for digital money, Oliver said, “I think eventually the government will do it himself.”
What about Ethereum and other altcoin projects?
Oliver was moderately more optimistic about the outlook for Ethereum and other altcoins and Blockchain technology as a whole. He said that Ether and altcoins, which can support the global government’s transition to cryptocurrencies and support decentralized finance, may have a brighter future if they can be part of the DeFi revolution.
But not Bitcoin. Even if the price is much higher than today, Oliver said, acknowledging that altcoins may receive some backlash from their supporters for coining the term “Ponzi scheme.” Their last statement for Bitcoin was:
I don’t see Bitcoin being someone going forward. The increase in Bitcoin price does not prove that it has a long-term future. But of course it can go much higher from here.
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