A closely followed crypto strategist is predicting rallies for metaverse altcoin The Sandbox (SAND) while updating his forecast for Bitcoin (BTC).
Pseudonymous analyst Cantering Clark tells his 159,900 Twitter followers that he believes SAND could rally by at least 38% from current prices.
SAND has nearly doubled in value since the start of the year and Clark believes that the blockchain-based gaming ecosystem will continue to surge given the strength of the gaming crypto subsector.
He also says investors are likely hedging against a token unlock, which will take place in 14 days, according to the tokenomics data website TokensUnlock. Unlocking events tend to send the value of tokens lower since its the moment investors of tokens can sell after vesting periods expire. However, hedges can serve as fuel for further rallies as traders who are betting on the asset to fall could be forced to buy back if the asset moves against their bias.
Says Clark,
“Good chances that this is the pivot spot for SAND to continue.
Retesting prior weekly lows as support above after a 2x off the lows.
Unlock is in [14] days so there is probably a ton of hedging baked in.
Gaming has been number one over 30 days, the last week, and last 24 hours.
Minimum $1.”
SAND is worth $0.72 at time of writing.
As for Bitcoin, the trader shares two scenarios on how BTC could hit $30,000. According to Clark, Bitcoin could either dip down to $20,000 before rallying past $31,000 or never dip once hitting $25,000 but keep soaring into the $30,000 price range.
“Good morning. Hoping this is the beginning of another wild week. Absent any surprise Tuesday, closing out hedge and willing to buy/add down to $20,000, Confident the next few months are either blue or red for BTC.”
Bitcoin is trading for $22,851 at time of writing.
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Source: https://dailyhodl.com/2023/01/31/top-analyst-predicts-rally-for-one-metaverse-altcoin-updates-outlook-on-bitcoin-btc/