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Crypto Trader Says Bitcoin Blinking Bullish Signal, EthereumSolana Updates, and Optimism Predictions

A popular analyst provides price target updates for four crypto assets as markets attempt to end the week in positive territory.
The pseudonymous trader, known as altcoin Sherpa, tells his 180,800 Twitter followers that while he expects Bitcoin (BTC) may hit $28,000 again in the not too distant future, however, the brief surge above $24,500 on July 30 has not convinced it that BTC is witnessing a strong short-term uptrend.

“I still think we’re going to $28k in the medium term but would like to see more chop around that $23k-$22k area to form a significant low. The last high at $24,700 wasn’t very convincing to be honest, but still a bullish market structure in my opinion.”
Source: Altcoin Sherpa/Twitter
The analyst believes Bitcoin can rally if it finds a higher low in the $22,000-$23,000 range, although he expects it to Ethereum (ETH) will break out ahead of BTC.

“I would like to see a higher low set around $22k-$23k, this is still bullish on long timeframe charts until something else shows up.

I’m still watching ETH closely, I think they’re leading.”

investment tip Crypto Trader Says Bitcoin Blinking Bullish Signal, EthereumSolana Updates, and Optimism Predictions, Crypto Trading News

At the time of writing, Bitcoin is valued at $22,919.

Next is the smart contract platform Solana (SOL) on the analyst’s radar. Altcoin Sherpa says it has been sitting on the sidelines and expects more ups and downs in the $32 and $47 range.

“Seems really unclear to me, I haven’t had any active positions for Solana for a while.

Lower high followed by higher low, generally expecting more chop.”
Crypto Trader Says Bitcoin Blinking Bullish Signal, EthereumSolana Updates, and Optimism Predictions, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
Solana has also seen a slow decline in the market-wide rally that peaked last Saturday, although SOL has managed a 2.08% rally over the past 24 hours and is changing hands at $40.39.

Moving on to leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost money against the US dollar (USD), noting that ETH is looking strong against BTC.

“They could be badly in the red on the USD, but the ETH/BTC pair is really strong.

Very interesting price movement in the medium term; I think there are some arguments for not holding BTC going forward.”
Crypto Trader Says Bitcoin Blinking Bullish Signal, EthereumSolana Updates, and Optimism Predictions, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
Ethereum is trading at $1,731 at the time of writing.

Last is Optimism (OP), a Layer 2 scaling solution for Ethereum. The crypto strategist says that after the altcoin’s big rally in recent weeks, he plans to short OP to hedge against his other, more aggressive crypto investments.

“Shorting that out as a backup for my other stuff.”
Crypto Trader Says Bitcoin Blinking Bullish Signal, EthereumSolana Updates, and Optimism Predictions, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
Optimism was rated below $0.50 in mid-July before a series of rallies sent OP as high as $2.24 on Wednesday. The altcoin has since corrected with an offer price of $1.93 at the time of writing.

Featured image: Shutterstock/Marko Aliaksandr

Source: Crypto News Deutsch

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