Although the market capitalization of all cryptocurrencies is still bouncing around the $1 trillion level and has not yet reached its peak, there has been a general upward trend in the value of the major coins.
With the recent increase of more than 50% in the price of Ethereum (ETH), it is only a matter of time until Bitcoin (BTC) follows suit. Earlier today BTC hit the $25,000 mark before hitting reverse.
A well-known cryptocurrency analyst believes Bitcoin may have already printed this cycle’s low and forecasts a boom for a prominent Ethereum rival.
Cantering Clark, said that the smart contract platform Solana (SOL) is preparing for a move that could lead to a significant price increase. He claims that SOL appears to be compressing and consolidating in order to fly. We haven’t seen nearly as much mean reversion as I would anticipate, and this daily [chart] seems healthy.
According to the analyst’s charts, Solana’s next significant barrier may be around $75. SOL is trading at $46.47 at the time of writing, suggesting a potential gain of roughly 60% for the Ethereum rival.
What About Bitcoin?
Regarding Bitcoin, the trader hypotheses that BTC returning to its weekly timeframe support level of $20,000, which it reached at the peak of the 2017 bull market, could be a suitable bottom indication.
“Crowds, is it possible that Bitcoin really was this simple? Everyone talking about a drawdown that should match prior drawdowns but disregarding the fact that the recent bull market was less intense than priors. We kind of did revert to a good historical mean regardless.”
He then points out that Bitcoin rose more than 11,000% from the trough of the 2017 bull market. In contrast, during the bull market of 2021, Bitcoin only experienced gains of about 2000%.