A widely followed crypto analyst is setting bullish price targets on Bitcoin (BTC) and the Ethereum (ETH) competitor Aptos (APT) but warns prices may dip first.
Pseudonymous crypto trader Altcoin Sherpa tells his 188,400 Twitter followers that Bitcoin will soon hit the $19,000 price range.
The king crypto is rallying in recent days. At time of writing, Bitcoin is changing hands at $18,182.
“BTC: Eventually I think that $19,000 is the area that price will go to, just don’t know if we dip first or not. I think we fill this gap out a bit and there’s more liquidity higher than current price.”
Next, he says Aptos could surge by more than 31% if Bitcoin continues to rally.
“APT: Targeting $7 to fill this gap overall as long as BTC plays nice.”
At time of writing, Aptos is changing hands at $5.33.
He also warns that while the crypto market has been rallying in recent days the bottom is likely not in. However, he says there are opportunities to turn profits with the price action.
“[In my opinion] it’s unlikely this is the bottom, there’s still probably more pain to come. With that said, there are still opportunities like the ones we have had the last few weeks – enjoy these times because it could be a while before we get another mini alt run like this one.
In other words, make the absolute most of these short altcoin runs where they go 25%-2x+. Hop on the narrative quickly, cross the spread, be aggressive. The next time this happens could be months away and we could just be back within that small trading range.
2018 and 2019 were both years for altcoin trading (alt/BTC pairs, which was primary back then). Lots of chop happened and I expect a lot of the same for 2023 – lots of chop to come. With that said, we’re still going to see a lot of these mini alt runs here and there.”
Sherpa also analyzes the liquidity network platform WOO Network (WOO), saying it could drop down to $0.14 if Bitcoin starts to fall.
“Lots of talk about this one lately on CT [crypto Twitter], it’s one of my long-term holds. Was in this one since the beginning and just hold it at this point. 200-day EMA [exponential moving average] acting as resistance initially (normal), if looking to bid this, would aim for $0.15 and $0.14 if BTC dips.”
At time of writing, WOO is valued at $0.165.
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Source: https://dailyhodl.com/2023/01/12/top-crypto-analyst-unveils-bullish-targets-for-bitcoin-and-one-ethereum-competitor-but-theres-a-catch/