After a series of unfortunate events, analysts and investors are using all their knowledge to predict what the Bitcoin and altcoin industry will look like in 2023. Popular analyst Altcoin Sherpa addressed this issue on his Twitter account. He then shared price targets for a handful of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin. Here are the details…
Altcoin Sherpa conveys his expectations for various coins
The trader, who has set achievable targets for cryptocurrencies, said that the macroeconomic environment will be better by the end of 2023. Talking about the biggest cryptocurrency, BTC, the analyst said that we can see a rally in the first quarter of 2023. However, he added that Ethereum could outperform Bitcoin. The analyst used the following statements:
I also think we saw a lot of Q4 rallies in 2017, 2020 and 2021 and in those years + 2018/2019 altcoin rallied the most in Q4. Altcoins rallied in Q4 almost every year.
Dogecoin movement unpredictable
Altcoin Sherpa set a target of $35,000 for Bitcoin in December 2023 and $3,200 for Ethereum. As for Ethereum rival Solana, he thinks the price will be affected by selling pressure from the FTX meltdown. Her target for Solana is $35. He said that Dogecoin and XRP are the two unpredictable cryptocurrencies on his list and said:
Coins that are likely to go crazy at least once in 2023: XRP and DOGE. These 2 are extremely unpredictable and I wouldn’t be surprised to see them rally 2-3 times at least once in 2023.
Coins most likely to go apeshit at least once in 2023: $XRP and $DOGE
Those 2 are highly unpredictable and I wouldn't be surprised to see those do a 2-3x run at least once in 2023. $SOL: I think recovers but depends on the overall selling pressure from FTX/SBF.
— Altcoin Sherpa (@AltcoinSherpa) December 23, 2022
Altcoin Sherpa states that Polkadot has never received much attention. He says it’s like a dead chain for him. He also named Chainlink as the best oracle. Although he predicts improvement for Solana (SOL), Sam Bankman stated that this situation will be shaped by general selling pressure as a result of developments for Fried and FTX. Binance Coin said the following for MATIC and Avalanche:
- BNB: Still going strong. I think Binance FUD is about to explode. It still remains the #1 player in the cryptocurrency ecosystem.
- MATIC: I think he has a good chance in 2023. Their development and partnerships are looking good.
- AVAX: I’m not so sure. It might be a dead chain forward, hard to say.
$DOT: I think is still mostly a dead chain , never captured much attention. $LINK chart looks good and should still be a top oracle.
— Altcoin Sherpa (@AltcoinSherpa) December 23, 2022
What was his general comment on the market?
So, what was the analyst’s general comment on the market? Altcoin Sherpa used the following statements:
2023 will be an interesting year. I think the worst is largely over, but I think there is one last capitulation pending. Still, I think we will experience many bear market rallies and liquidity will be highly fragmented from sector to sector in 2021. It’s best to be patient and seize opportunities as they come and not always be in the market (just like me, lol). There’s a lot to be said about waiting until the market recovers first, rather than trying to ‘get a knife’. Protect your capital and try to stay in the game.
Best is to just be patient and take the opportunities as they come and not be a degenerate/always in the market (this is me lol). There is a lot to be said about just waiting until market recovers first vs. trying to knife catch. Preserve capital and try to stay in the game.
— Altcoin Sherpa (@AltcoinSherpa) December 23, 2022
24904
