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Crypto analyst Altcoin Sherpa sheds light on the current status of two prominent members of the crypto market as October enters, which is considered a bullish month and referred to as Uptober. The analyst predicts a rally for Layer 2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ). Altcoin Sherpa also evaluates the current outlook for Bitcoin (BTC).
Analyst’s Expectations for Arbitrum (ARB) and Injective (INJ)
Anonymous crypto analyst Altcoin Sherpa, from his personal X account, stated that Arbitrum could rise over 23% from current levels before losing momentum. The analyst said, “It lasted forever and I sold a long time ago with impatience. Now it looks quite interesting. It would not surprise me to see it go to $1.15 before it’s done, although caution is advised at this resistance-like level.”
Following Arbitrum, Altcoin Sherpa examines Injective and notes that the popular altcoin’s upward trend is likely not over yet. However, he predicts a pullback to around $7.50 before a rise towards the $9.40 target.
At the time of writing, INJ is trading at $7.42, down 2.83% in the last 24 hours, while ARB changed hands at $0.8778, down 5.74% in the same time period.
Expecting a Test of $30,000 in Bitcoin
Lastly, Altcoin Sherpa looks at Bitcoin and expects the largest cryptocurrency to test the psychological resistance level of $30,000. Although the analyst anticipates a short-term rise in BTC, he is uncertain whether this upward movement will continue in the higher time frame:
Another test of $30,000 is definitely on the table, but we will have to wait and see if this test materializes. I am generally focused on some altcoins, but I am closely monitoring BTC. For me, a clear trend has not yet formed.
With the latest data, Bitcoin is trading above $27,000, down 0.88% in the last 24 hours, at $27,365. Market observers emphasize the need for Bitcoin to stay above the $27,000 threshold for the positive trend in the largest cryptocurrency to continue.
