A well-known analyst predicts if and when three cryptocurrencies will be able to exit the market’s persistent downtrend to achieve a near-term rally.
Alias cryptocurrency trader Altcoin Sherpa tells its 180,000 Twitter followers are not encouraged by altcoins in their daily maximum timeframe of one hour [HTF] charts, but thinks there may be a temporary upside potential for some projects.
Sherpa thinks both Cosmos (ATOM) and NEAR Protocol (NEAR) layer 1 scaling solution can do well.
“The HTF market structure is still incredibly bearish for many altcoins, but if we see a little more chop / grinding + these types of lower patterns taking place, I think we will see short-term upward movement.
Some potential double minimums /[cup and handle]/etc. kind of charts out there for now.
At the time of writing, Cosmos is up 4.33% in the past 24 hours and is trading at $ 9.06.
Next Altcoin Sherpa provides a look at Ethereum (ETH) competitor NEAR.
NEAR Protocol was down just 2% on the day with an asking price of $ 3.44.
Moving on to the largest crypto asset by Bitcoin (BTC) market capitalization, Altcoin Sherpa He says which, despite Bitcoin’s over six-month downward trajectory, predicts another BTC rally that mirrors its rise in late March and early April.
“Every single consolidation has resulted in a breakdown on the charts with high timescales. Will it be the same this time?
There will be another similar bear market rally in March / April 2022; I don’t know when / where it will happen though (or how high). “
The analyst then tells its 10,300 YouTube subscribers think it is possible that Bitcoin could go up to $ 30,000 during the next recovery.
“You are really looking for a potential bear market rally where the price could potentially rise stronger than you think.
It might seem like a move of up to $ 30,000. I don’t know if he has the strength to go up there, but it is a scenario that I am looking at ”.
Altcoin Sherpa concludes his remarks by pointing to $ 12,000 as the low cycle potential for Bitcoin, before adding that BTC’s price may ultimately be determined by equity markets rather than its merits or demand alone.
“This last kind of new bearish test that we saw in late March was the last real bearish test we saw. Everything else was just consolidation, breakup, consolidation, breakup. Now we are consolidating.
We could certainly see another slump to $ 12,000 or anywhere. But there will be another bear market rally, I don’t know how it will be or how strong it will be, but as I said it will largely depend on the stocks, in my opinion.
That’s really the nature of it, unfortunately. “
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