Cryptocurrency analyst named Bluntz, known for his assertive analysis in the market, claims that Ethereum scaling solution Optimism (OP) is currently preparing for a breakout towards all-time highs. According to the analyst, the altcoin is currently in a consolidation process just below historical highs, which could indicate a significant rise in the near future.
Optimism is an important layer-2 solution within the Ethereum ecosystem. This project, which aims to provide a solution to the scaling problems faced by Ethereum, was developed to speed up transactions and reduce the load on the network. Bluntz’s to the analysis According to Optimism, it may make a significant breakthrough after the current consolidation process.
According to the charts shared by Bluntz, the altcoin could increase in value by more than 17% and reach higher levels than $4.5 if it breaks out of the current consolidation. This may increase the value and usage of Optimism, offering new opportunities to investors.
OP is trading at $3.82 at press time. The altcoin reached its all-time high of $4.57 on May 31, 2022.
The other altcoin on the analyst’s radar is Ethereum. Analyzing the Ethereum/Bitcoin (ETH/BTC) trading pair, Bluntz claims that ETH gives a bullish signal on the weekly chart. This reveals that the leading altcoin ETH can outperform Bitcoin. However, the analyst claims that the altcoin season has finally arrived:
some ppl are still max bidding #btc with an eth/btc weekly candle like this into a fakeout of a major high timeframe range low with the first weekly bull div in oversold territory in 6 years.
simply ngmi, i think altseason has truly arrived. Shit’s gonna start getting real silly… pic.twitter.com/34mKNR00c5
— Bluntz (@Bluntz_Capital) January 11, 2024
The ETH/BTC pair is trading at 0.05991 BTC ($2,552) at the time of writing.
Bluntz’s predictions should be evaluated carefully in the cryptocurrency world, where market conditions can change rapidly and there are risks. Investors should do their own research and make decisions appropriate to their risk tolerance, and should have a broad perspective rather than relying on analyst predictions alone.
You can follow the current price movement here.