As markets try to end the week in positive territory, a popular analyst has updated price targets for four crypto assets.
The analyst, using the altcoin Sherpa alias, expects Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, while the short-lived surge above $24,500 on July 30 did not convince him. told:
“I am still in the view that we will go to $28,000 in the medium term, but I would like to see more action to form a key low in this $23,000-22,000 area. The recent top at $24,700 wasn’t very convincing to be honest, but I still think it’s a bullish market structure.”
Besides, the analyst expects Ethereum (ETH) to rally before BTC, but believes that Bitcoin can recover if it creates higher lows in the $22,000 to $23,000 range.
“I would like to see a higher low around $22,000-23,000, this is still bullish on long time charts until otherwise occurs.
BTC is still watching ETH closely, I think ETH is leading.”
Koinfinans.com As we reported, the next smart contract platform on the analyst’s radar is Solana (SOL). Altcoin Sherpa expects more ups and downs for SOL in the $32-$47 range told.
“It seems really vague to me, I haven’t been in any active position for Solana for a while. Lower high, then higher low, more choppy action expected overall.”
The analyst, who also studies the leading smart contract platform Ethereum, sees a bright spot for investors losing money against the USD and states that ETH looks strong against BTC.
“You may be in bad shape on USD but the ETH/BTC pair is really strong.
A very interesting price action in the medium term; I think there are some arguments for not holding BTC going forward.”
The last crypto the analyst is following is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist said that after the altcoin’s massive rally over the past few weeks, he plans to short the OP to hedge against other more aggressive crypto investments.
“I am shorting this as a hedge for my other investments.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.