A widely followed crypto trader says the crypto market is showing signs of potential recovery. Meanwhile, he shares his perspective for Bitcoin (BTC), ApeCoin (APE) and two Ethereum (ETH)-based altcoins. Here are the details…
ApeCoin, LDO, and OP follow as Bitcoin rises
While Bitcoin continues to trade above its 200-day exponential moving average (EMA), Altcoin Sherpa tells 180,700 Twitter followers that the leading coin must hold up to confirm an uptrend. He sees BTC’s current level as a key level that must be held for a higher low to be considered. The analyst says it jumped at .618 on the last move.
The analyst says that the crypto asset APE affiliated with the Bored Ape Yacht Club (BAYC) could rise to $9.00 depending on the price action of Bitcoin and Ethereum. At the time of writing, APE is trading at $7.43. The analyst uses the following statements:
“APE: If BTC and ETH hold steady, I think it continues to move up to $9. Overall, I’m still in position, but already, I’ve made some profit since mid-$5.”
Altcoin Sherpa also shares its forecast for Optimism (OP) and Lido Dao (LDO), which peaked at $2.18 and $2.81 respectively this month. He says that following the price increase, the two altcoins should fall. OP is currently trading at $1.86, while LDO is changing hands at $2.57. The analyst uses the following statements:
I think both LDO and OP are probably good shorts, at least a hedge against all your spot holdings. These are likely to be much cheaper tokens in the medium/long term. I think if you plan to hold on for a while don’t buy from here.
Predictions for BTC, LINK
A popular crypto analyst says that Bitcoin (BTC) will bottom out at the end of this year, but will recover in 2023. In a new video update, Rekt Capital tells its 45,100 YouTube subscribers what to expect from the biggest crypto over the next six months. The analyst looks at previous market cycles of Bitcoin halvings, with BTC mining rewards halving every four years. The analyst uses the following statements:
“About 450 to 400 days before the halving event, we see the end of the macro downtrend. That’s about it. A macro downtrend ends and a new macro uptrend begins. This coincides with leaving the accumulation gap.”
Looking at this historical pattern, Rekt Capital predicts the next BTC market bottom in regards to the next planned halving. According to the analyst, we will see a break into a new macro uptrend in the late first quarter of 2023. It also means we’ll likely see a bottom in the fourth quarter of this year, maybe even November. BTC is trading at $23,143 at the time of writing.
The analyst also takes a look at Chainlink (LINK), the Ethereum (ETH)-based oracle platform. Looks like it confirms LINK’s latest release. According to the analyst, LINK successfully retested the top of the falling wedge as support and confirmed the breakout. All LINK needs right now is volume tracking on the buy side to keep the trend going beyond the $7.78 resistance. Chainlink is up 6% last week and is currently heading for $7.68.
