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A popular crypto analyst says the best altcoins to accumulate right now include Solana (SOL), Polygon (MATIC) and five Ethereum (ETH) rivals.
In a new strategy video, the host of InvestAnswers says five layer-1 altcoins, TRON (TRX), Tezos (XTZ), Harmony (ONE), Flow (FLOW), and Fantom (FTM), are currently a solid value based on the price per daily active users (DAU) metric.
“This is probably the most important thing you need to look at. And this is the most bang for the buck layer ones out there. Some of them are old like the TRONs (TRX) of the world and Tezos (XTZ). But you have Solana there, you got Polygon there, you got Harmony (ONE), Flow (FLOW), Fantom (FTM). These are all cheap based on the price per daily active users.
There are many other ways in which we value them, but it’s a simple place as to where you can look to shop and what you need to think about accumulating. And again, you know what this channel likes and what we’ve liked since April 2021. And we have not deviated once.
So in conclusion to your question, there is no telling where the price action will go over different crypto. Sometimes the market is not logical at all. If you see, for example, Tesla is trading at an 18,19 month low right now, and the amount of progress they’ve made over the last 18 to 19 months is mind-blowing. How can that be possible? I don’t know. Markets are illogical.”
The pseudonymous host also weighs in on Bitcoin (BTC)’s future, saying in the coming months investors will have ample buying opportunities. He bases his analysis on the Elliott Impulse Wave, which patterns price action in waves including price corrections. He also sets a price target of $63,000, sparked by Bitcoin’s expected halving in the spring of 2024. A halving is an event when rewards for Bitcoin miners are cut in half, which reduces the supply of digital currency.
“This is a simple Elliott impulse wave out to the future. And I do believe we could be at $63,000 by April 2024, which is approximately a year and a half from now. So there could be many opportunities for you to get Bitcoin close to $20,000 or under $30,000 even in the spring of next year.
Again, not financial advice, but this is where I see it going. And remember after the halving we expect to go a lot higher, but I think we could get back to $63,000 by spring of 2024.”