Despite the worrying developments in the crypto industry, some are still hopeful for the future. A closely followed crypto analyst says Bitcoin (BTC) is showing significant strength. Seeing the big sign in BTC, the analyst predicts that the price of an altcoin among the top 10 cryptos will rise parabolically.
Analyst looks at $28K and beyond for Bitcoin
The analyst, nicknamed Altcoin Sherpa, shared his latest predictions with his 196,300 followers on the X social media platform. The analyst is still hopeful for Bitcoin despite the news that can be considered negative for the crypto. Accordingly, the analyst predicts that BTC will likely reach $28,000 and beyond in its current rally. The analyst cites both this week’s consumer price index (CPI) report showing a rise in inflation and a court decision allowing bankrupt FTX to sell its crypto assets. In this context, the analyst shares the following assessment:
IMO (in my opinion) the market is trading higher in the short term. The way the BTC price is absorbing the ‘bad news’ regarding the CPI and FTX sell-off means we will break above $28,000 IMO. Often the market’s reaction to news is a good reflection of where we’re headed in the short term.
Altcoin Sherpa: This is a great sign for us!
The analyst makes a comparison with 2020, when Bitcoin also withstood difficult developments in the crypto space. In this context, Altcoin Sherpa said, “I remember during the massive consolidation period in 2020, the price shook off every bad news thrown at it and barely moved at all. Binance [fear, uncertainty and doubt]? Tether FUD? Black swan FUD? “It didn’t matter.” says. According to the analyst, Bitcoin is showing an upward trend despite the FTX asset sale decision. Based on this, the analyst says the following:
Am I saying this is like 2020? Absolutely not, we are nowhere near that environment. But if things were truly bearish, the price would deliver on the FTX news IMO. Instead we barely moved and the price continued to fall. I think this is a great sign for us.
Altcoin Sherpa sees huge potential in Solana
Next, the analyst issues a warning about Ethereum (ETH) rival Solana (SOL). It says that Solana is in a larger downtrend despite a recent rally, as SOL has been printing lower highs over the past few weeks. Altcoin Sherpa makes the following statement for SOL:
LEFT: Caution should be exercised in this current rise. It’s good to see some recovery. But every rally in the last few weeks has only resulted in a lower top. Regardless, if you’re in it for an investment, saving under $20 isn’t bad, IMO.
As you follow from Kriptokoin.com, there are serious concerns about Solana due to FTX. Despite this, the analyst believes there is huge upside potential for Solana in the next bull market cycle. In this regard, “There is a lot of activity around the $14 level. It depends on how FTX assets are sold. But I think SOL will make great multiples in the next cycle (like everything else). I think saving between $15 and $5 is a good strategy. Scale, don’t imitate [dollar cost averaging], IMO.” says.
Source: Altcoin SherpaSolana was trading at $18.65 at the time of this writing. Additionally, SOL is down over 2% in the last 24 hours.
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