July has been a productive month, stopping the sales of the last months and bringing horizontal movements. Bitcoin has been rising with slight corrections since July 27. Some analysts from Twitter and Youtube are evaluating altcoin projects that are prominent in the midst of the recovery process. Let’s look at the expectations of the analysts, keeping in mind that the forecasts are not certain.
The level Bitcoin bulls should hold, according to Altcoin Sherpa
The Twitter analyst, nicknamed Altcoin Sherpa, expects the market to be heavily bearish despite the recovery over the past week. Sherpa says $22,000 is a “must hold” level for Bitcoin:
The recent top is not convincing although technically higher and I think there is a real chance for this low to be broken at $22,000.
Altcoin Sherpa expects similar declines on Ethereum (ETH) rival Solana (SOL). Sharing the chart below, the analyst says that the short-term outlook is uncertain:
I didn’t see a clear spike in this last move. The best we can get is some sort of variable consolidation model [I think], it seems vague to me.
Optimism gained 300% in one month
But the analyst lowers it, saying he has “a lot of gaps to fill” for the OP. Optimism is an Ethereum-based layer 2 scaling solution. As Kriptokoin.com, we have discussed the latest price movements in this article.
OP is trading at $1.91 at the time of writing. The 116th-ranked cryptocurrency by market cap has increased by more than 10% in the last 24 hours.
As Bitcoin recovers, Sherpa exits the NFT market
Sherpa expects further bullishness in Synthetix’s native cryptocurrency SNX. The analyst says this acceleration is exclusive to SNX:
I have patiently waited for this level and I think it will rise, that said it will always depend on BTC. I still think it looks pretty good though.
Hedge fund CEO makes U-turn on Ethereum
The chief investment officer of Ikigai Asset Management underlines the crucial event required for the crypto rally. In an interview with Bankless podcast, the Ikigai co-founder says it is the ongoing conflict between Russia and Ukraine that must ultimately be resolved for the macroeconomic picture, especially beyond the Fed’s policies that risk putting the economy in recession.
Kling also says that Ethereum (ETH) will benefit greatly if geopolitical and financial situations improve:
This becomes the groundwork for crypto in general, and ETH in particular works tremendously hard if all of these sorts of rows come together and eventually you get the needle in there. I’m not saying it will definitely happen, but I think that’s the setup.
According to Travis Kling, Bitcoin represents more than a safe haven
The hedge fund manager then discusses Bitcoin (BTC) and states that the best cryptocurrency by market cap represents more than a hedge against short-term fluctuations in the consumer price index (CPI):
You will never find me anywhere that says Bitcoin is like a CPI inflation hedge or a monetary inflation hedge. It is a non-sovereign, global, immutable, decentralized digital store value. At this point I’ve resounded this 5,000 times. A safeguard against the irresponsibility of central banks and governments globally.
6413
