Traders believe Ethereum and Bitcoin will update their local highs, as Arbitrum did
Prominent crypto bull and analyst Andrew Kang has released an update to his Bitcoin (BTC) and Ethereum (ETH) predictions that he shared with his followers back in January. Kang, known for his long positions on the crypto market, posted a cryptic tweet containing the numbers: 38k, 3.8k and 3.8.
The number 38k likely represents Kang’s new price target for Bitcoin, which has been recovering alongside Ethereum following the recent staking unlock. Bitcoin is currently trading above $30,000, with Kang’s target suggesting a potential bullish run to $38,000.
38k
3.8k
3.8 https://t.co/2HDfhbzubv pic.twitter.com/Si2H8MhPRF— Andrew Kang (@Rewkang) April 14, 2023
The 3.8k target is presumably a reference to Ethereum, suggesting Kang anticipates a rise to $3,800. Ethereum recently experienced a relatively smooth staking unlock, and the market has shown optimism, with many investors reentering the market.
However, the most intriguing part of Kang’s tweet is the mysterious $3.8 target. Speculation has been rife among his followers, with some suggesting it could be related to Arbitrum (ARB), currently trading at $1.5 and boasting a 20% increase in the last 24 hours. If this speculation proves accurate, a rise to $3.8 would represent a significant increase for the promising Layer 2 scaling solution.
It is important to remember that Kang’s predictions are not guarantees, and investors should always approach such predictions with caution. Market conditions can change rapidly, and the effect of a massive Ethereum unlock could be lagging as it is impossible to take control of all locked funds in a day.
However, Kang’s bullish outlook on Bitcoin and Ethereum, as well as the potential link to Arbitrum, may become a sign for anyone who has been thinking about entering the market and having a bullish outlook on it.
Source: https://u.today/prominent-trader-andrew-kang-updates-his-price-targets-for-ethereum-and-bitcoin