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An analyst from Crypto Banter named Sheldon predicted in his latest analysis that the cryptocurrency market could rally in the next 2-3 weeks. He did, however, warn that this bullish thesis will only be validated as long as the market leader Bitcoin (BTC) maintains a position above the crucial $29.5K support.
Furthermore, he forecasted that BTC closing a daily candle above $32K in the coming few days may lay the foundation needed for the cryptocurrency to climb to between $35K and $40K throughout the upcoming weeks. On the other hand, BTC closing a daily candle below $29.5K may lead to a correction to $27K in the next couple of weeks.
Despite the bullish outlook for the leading cryptocurrency, the analyst did note that there was still a fair amount of sell pressure present on BTC’s weekly chart. Nevertheless, he shared that he will be confidently bullish on BTC if it is able to close a weekly candle above $32K.
His positive belief for the market leader stems from the fact that the weekly RSI was in oversold territory and that the indicator suggested that there was still strength to the upside for the next 2-3 weeks. Should BTC achieve a weekly candle close above $32K, the analyst predicted that it may climb to between $35K and $40K.
If this is the case, he believes that BTC’s positive momentum may cool down slightly to give the altcoin market a chance to catch up. In addition to this, the analyst speculated that the next major rally for BTC could take place between October to December this year, and predicted that BTC may reach $50K by the end of the year.
When it comes to altcoins, the analyst noted that the altcoin leader Ethereum (ETH) was resting on a support level. He also shared that a potential trade entry for the cryptocurrency may lie in the $1,900s. Similar to BTC, the Crypto Banter analyst is also bullish on ETH and forecasted that it could rise to as high as $2.6K by April 2024.
Meanwhile, Avalanche (AVAX) was rejected by the 200-day MA recently, according to the analyst. As a result, he warned that the cryptocurrency’s price could drop to as low as $12.20 in the next few days. Should it reach this price point, he shared that he will look to go long on AVAX.
Another altcoin, Polygon (MATIC), was covered in the analysis. The analyst predicted that MATIC could break down to $0.65 given the fact that it was resting on a support zone during the time the analysis was performed.
Should this drop not happen, the analysis forecasted that there will be a big bounce in the altcoin’s price since the RSI indicators on the lower time frames were all bottoming out in oversold territory. In this scenario, the analyst’s upside target will be between $0.74 and $0.76. He also mentioned that the altcoin may climb to $1 if there is continued buy support.
Theta Network (THETA) was also covered in the analysis. He did not have much to say about the altcoin, but it did predict that THETA may drop to $0.675 in the short-term. Meanwhile, the popular meme coin Dogecoin (DOGE) was “sitting on a perfect buy zone,” which resulted in the analyst sharing his bullish long-term stance for the cryptocurrency.
He predicted that DOGE may explode in the coming 2-3 weeks. Should this happen, he shared that his upside target will be $0.1 for the meme coin’s price. The analyst also added that the cryptocurrency’s price could continue to rise to $0.15.
He also shared his take on the Ethereum-killer Solana (SOL), and predicted that the altcoin could rise to as high as $38-$40. This bullish prediction comes after the cryptocurrency finally broke the $26 resistance over the past few days. Before this potential rally, however, the Crypto Banter analyst warned that SOL may retest $26 in the coming 24-48 hours.
Another one of the Ethereum-killers, Cardano (ADA), may present several short-term long opportunities to traders, predicted the analyst. He mentioned that traders and investors will want to monitor the RSI indicators on ADA’s lower time frame charts, as they may bottom out in oversold territory in the coming few days.
Following the long-awaited positive outcome of the lawsuit between Ripple Labs and the Securities and Exchange Commission (SEC), the price of Ripple (XRP) soared more than 70% in just 24 hours. Despite this significant gain, the analyst still believes that XRP’s price may continue to climb in the coming weeks.
Should this bullish thesis be validated, the remittance token’s price may rise to $1.30. Before this can happen, however, the analyst stated that the altcoin will need to overcome $1 first. Furthermore, he speculated that BTC will first need to rally before XRP and other altcoins will follow suit.
When it comes to the DeFi market, he shared that he is particularly bullish on SushiSwap (SUSHI), and expects the coin’s price to explode in the short-term. Before this happens, however, the analyst predicted that it may experience a slight pullback to $0.75-$0.76.
Last but not least, NEAR Protocol (NEAR) was also named as one of the cryptocurrencies to watch for the short term. According to the Crypto Banter analyst, there may be a price pump on the cards for the altcoin in the coming weeks. Should this happen, he estimated that NEAR’s price could reach $2.5.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.