A popular analyst is providing price target updates for a handful of crypto assets as the markets fight to wrap up the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa tells his 181,400 Twitter followers that after a week of choppy downward price movement, he still believes Bitcoin (BTC) has enough strength to recapture $28,000 in the near future.
“Still expecting this low to hold for now. Would like to see a sustainable higher high coming, still going to assume $28,000 is coming until shown otherwise.”
Bitcoin is trading even on the day, but at $23,430, it remains down 7% from its weekly high of $25,203.
The chart guru next examines Ethereum (ETH) against the Bitcoin trading pair, calling attention to May of 2021 and January of this year where ETH was also worth around 0.082400 BTC.
“What do we think, will this go to the highs? ETH/BTC has still shown incredible strength.
Although I think the bulk of the merge narrative is done, this could still go to the highs.”
Ethereum is currently up by 2.45% and trading for $1,866, while against Bitcoin it’s worth 0.078573 BTC.
Next on the analyst’s radar is BNB, native token of the popular crypto exchange Binance. Altcoin Sherpa highlights the $260 to $322 price range dating back to last October while saying he’s eyeing a potential fall back to around $250.
“Mid-$200s could be interesting here on this one, it’s still one of the best performing alts overall.”
In recent days, BNB has slowly given up some of the big gains it made from late July through the weekend. It’s down 7.7% from a Sunday high of $331.08 and is currently trading for $305.39.
Moving on to dog-themed meme coin Shiba Inu (SHIB), the analyst says that he expects another rally from the Dogecoin (DOGE) competitor if Bitcoin and Ethereum don’t falter.
“I’m still in my position and I still think another leg up will come as long as BTC and ETH hold steady.”
At time of writing, Shiba Inu is down nearly 5% and priced at $0.000015. The altcoin rallied by 80% between August 9th and 14th, rising from $0.000010 to $0.000018 before correcting.
Last up is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist follows up on his recent call to short the altcoin after it rallied significantly during July, saying now that he expects the price to drop below a dollar.
“Squiggly is playing out as planned. Unfortunately I wasn’t paying attention and didn’t execute my short.
Expecting maybe another shitty bounce around here if ETH and BTC hold up before further nukage. This thing is going $1>, easy short in my opinion.”
Optimism was valued below $0.50 in mid-July before a series of rallies sent it to as high as $2.24 on August 3rd.
The altcoin has since slowly worked its way downward, currently in the red by 2.42% over the past 24 hours with an asking price of $1.33.
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Source: https://dailyhodl.com/2022/08/18/heres-whats-next-for-bitcoin-ethereum-binance-coin-and-a-leading-dogecoin-rival-according-to-crypto-trader/