For those who have encountered cryptocurrencies in 2021, the past two years may have been painful, but experienced investors were already expecting this. Bear markets are long and tedious compared to bull seasons. Prices keep falling until they reach new historic lows. This has been particularly true for altcoins in recent months. However, there are also experts who are hopeful for the future.
World-renowned Bitcoin Analyst
Famous cryptocurrency analyst known as Altcoin Sherpa stated in his recent market evaluation that the price of BTC could surpass $28,000. The crypto trader referred to both the Consumer Price Index (CPI) report, which indicates an increase in inflation this week, and a court decision allowing FTX to sell its crypto assets.
“In my opinion, the market remains strong. The way BTC is absorbing the ‘bad news’ regarding CPI and FTX’s sale suggests that we could surpass $28,000. The market’s reaction to news is usually a good reflection of where we are headed in the short term.”
The analyst compares the current market situation to 2020.
“In 2020, during the major consolidation period (after March), I remember the price shrugging off every piece of bad news and hardly moving at all. Today, it’s starting to resemble those days. If the price was not going to rise, we should have seen a significant drop after the FTX news. But what happened? We hardly moved, and the price remained strong this week. I think this is a great signal.”
Promising Altcoin with Rapid Growth Potential
Every analyst has a popular favorite altcoin that they expect to see significant price increases in the medium term. It seems that Altcoin Sherpa has such a favorite, such as Solana. Although he claims that the bearish view for SOL Coin continues in the short term, he argues that buying SOL Coin below $20 could be profitable. However, it will not be easy for Solana to succeed, as it has been abandoned by institutional investors due to the emergence of dozens of new competitors.
According to the analyst’s prediction, a descent to the $14 region due to FTX is not surprising. Considering that the price dropped to $8 months ago, this target is not too pessimistic.
