“Despite the volatility and recent slumping price, many experts still say Bitcoin is on its way to passing the $100,000 mark, though with varying opinions on exactly when that will happen. And a recent study by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will be over $110,000 in 5 yrs”–Paul Ebeling
Bitcoin is up 3.20% over the last 24 hrs at time of writing, changing hands for $20,965.22.
The analyst next looks at decentralized oracle network Chainlink (LINK), noting LINK’s current sideways price action is likely a sign of investors loading up their bags in anticipation of a future rally.
“I think this looks like it’s accumulating to me personally. I think this continues to chop around for the next several weeks before a move up.
The strength of the next move up will depend on how long it accumulates – the longer the chop, the stronger the move.”
Chainlink is also in the Green, up 1.55% on the day and trading for $6.25.
Moving on to layer-1 blockchain protocol Solana (SOL), Altcoin Sherpa says that after several weeks of negative price action SOL must establish a bottom and make a move toward the upside.
“Bounce or die spot; my stops are at break-even.
Already took off 1/3rd.”
At time of writing, Solana is up by over 6% over the last day and changing hands for $35.95.
The chart guru concludes his analysis by looking at leading smart contract platform Ethereum (ETH) on the ETH/BTC trading pair. While he’s still bearish on ETH, he says the 200-Day EMA) of 0.07008 BTC (or $1,416) looks to be the resistance ceiling.
“Higher time-frame charts still don’t look great; lower time frames show the 200-day EMA acting as resistance once again.
Trend is still bearish until shown otherwise [in my opinion].”
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