As the markets try to recover from a shaky start, a popular cryptocurrency analyst shared his price action comments for three crypto assets.
In a new video, financial education YouTube channel InvestAnswers shared a Bitcoin (BTC) chart from Forrest Przybysz. The chart includes three key price range metrics: accumulation at lows, average reversal where price has bounced back, and extreme expansion, which indicates expected rally highs.
Here’s what InvestAnswers host Przybysz has to say about it:
“He is very conservative in his estimates and I like his simple charts. He believes we can go to $102,000 in this bull market this year.”
Next up is the leading smart contract platform Ethereum (ETH), which has dropped 25% so far this year. The cryptocurrency analyst is referring to another CryptoStackers chart while discussing the status of ETH 2.0 to see where the project will go next.
“When you look at this chart, you will see the accumulation zone [$1,881] that we are very high on right now. The average return is about $3,760. And overexpansion is about $7,500. We’ve spent the whole of 2021 talking about ETH 2.0, it’s a thing of the past, it doesn’t exist. They kind of rebrand what should be. Maybe this will help them save more time, but we’ll see if we can really get there. Many people say that the mechanism will probably not be ready until 2023. As we’ve seen, the money outflows, the lack of trust and the flow of money into other assets reflect this as we move forward.”
Last on the list is the open source, decentralized blockchain network Algorand (ALGO).
Regarding the well-known financial media outlet The Motley Fool’s claim that Algorand will be the Solana (SOL) of 2022, InvestAnswers remains skeptical.
“Looking at Algorand’s last 12-month chart, it’s flat. It’s basically where it was a year ago. That never bodes well for a whole year to be lost.”
Regarding price action tokens like ALGO, the server concludes:
“Yes, some may double, but we want more than double this year, that’s what we’re looking for.”
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