According to a well-known researcher, three cryptocurrencies are expected to burst out of the prolonged market crisis and display a short-term surge.
Anonymous cryptocurrency analyst ‘Altcoin Sherpa’ tweeted to his 180,000 followers that though altcoins’ one-hour to daily high time frame [HTF] charts don’t inspire him, he does believe that some initiatives may have a brief upswing.
Sherpa believes that both the layer-1 scalability solution NEAR Protocol (NEAR) and Cosmos (ATOM) would succeed.
The analyst says that the HTF market system remains highly damaging for several altcoins, even though he does not entirely rule out a brief bounce upward.
At the moment, Cosmos is selling at $8.84 with a decrease of 0.94% in the last 24hrs
NEAR Protocol (NEAR)
The next currency on Sherpa’s radar is NEAR, Ethereum’s (ETH) competitor.
At the moment, Near Protocol is down by 0.10% trading at $3.42 over the last 24hrs.
Bitcoin Price To See A Bear Market Bounce
Regarding Bitcoin (BTC), the most valuable cryptocurrency by market capitalization, Altcoin Sherpa predicts that although Bitcoin has been trading southward for more than six months, it will resume its upward trend in late March of next year.
He continues that the market will face another bear-market bounce comparable to the one in March or April 2022, but he is not sure exactly when or where it will take place (or how high)
The expert continues by informing his 10,300 YouTube admirers that he believes Bitcoin’s upcoming surge might see a climb as far as $30,000.
There is a search for a bearish market rebound where the price might rise more than our anticipation.
After identifying $12,000 as a possible bearish phase for Bitcoin, Altcoin Sherpa adds that the stock markets may eventually influence BTC’s price instead of only its excellence or demand.
Altcoin Sherpa believes that the most recent pessimistic revisit in March was essentially the last one of its kind. Other than this, every other thing has only consisted of consolidation, collapse, and breakdown. Hence, claims that we are currently consolidating.
We may easily witness yet another drop towards $12,000 or somewhere. However, he feels that there will be one more bear market rally, but the analyst doesn’t know how powerful it will be or when it will happen. One thing he’s sure of- stocks will play a significant role in it.
At the time of writing, Bitcoin is valued at $20,095, up by 2.75% in the last 24hrs.