Analyst Predicts Crypto Market Rally in Next 2-3 Weeks
- Bridget Hubbard
- July 19, 2023
- news, Crypto, Crypto Market
- Analyst, Crypto, market, Rally, Weeks
- 0 Comments
Crypto Banter analyst Sheldon predicts a potential cryptocurrency market rally in 2-3 weeks if Bitcoin (BTC) maintains support above $29.5K.
- Crypto Banter analyst Sheldon predicts a cryptocurrency market rally in 2-3 weeks, depending on BTC’s position above $29.5K support.
- He forecasts BTC reaching $35K-$40K if closing above $32K or correcting to $27K if closing below $29.5K.
- Sheldon predicts BTC hitting $50K by year-end and provides bullish forecasts for Ethereum, Dogecoin, Solana, and XRP.
An analyst from Crypto Banter named Sheldon has predicted that the cryptocurrency market could rally in the next 2-3 weeks. However, his bullish thesis for the market depends on Bitcoin (BTC) maintaining a position above the crucial $29.5K support. Sheldon forecasts that if BTC closes a daily candle above $32K in the next few days, it may pave the way for the cryptocurrency to climb to between $35K and $40K in the coming weeks.
On the other hand, if BTC closes below $29.5K, it could experience a correction to $27K in the next couple of weeks. While sell pressure is still present on BTC’s weekly chart, Sheldon will be confident in a bullish BTC if it closes a weekly candle above $32K.
Another $DOGE tweet that made it rip!!!
Is retail slowing coming back into the market? Join Sheldon LIVE to find out which coins you can buy BEFORE they explode!
— Crypto Banter (@crypto_banter) July 17, 2023
Predicted Bitcoin (BTC) Price of $50K by Year End
Despite the potential rally for BTC, Sheldon believes that the next major rally for the cryptocurrency may occur between October and December this year. He predicts that BTC may reach $50K by the end of the year.
Sheldon also provided forecasts for several altcoins. For Ethereum (ETH), he noted that the altcoin leader is resting on a support level, and a potential trade entry may lie in the $1,900s. He is bullish on ETH and predicts it could rise to as high as $2.6K by April 2024.
Avalanche (AVAX) recently experienced rejection by the 200-day MA, and Sheldon warns that the cryptocurrency’s price could drop to as low as $12.20 in the next few days. However, if it reaches this price point, he will consider going long on AVAX.
Regarding Polygon (MATIC), Sheldon believes it may break down to $0.65 as it is resting on a support zone. However, if this drop does not occur, there could be a significant bounce in the altcoin’s price, with an upside target between $0.74 and $0.76. It may even climb to $1 with continued buy support.
In terms of Theta Network (THETA), Sheldon predicts a potential drop to $0.675 in the short-term. As for Dogecoin (DOGE), he sees it as “sitting on a perfect buy zone,” indicating his bullish long-term stance. He predicts that DOGE may explode in the next 2-3 weeks, with an upside target of $0.1 and the potential for further rise to $0.15.
Ethereum-Killer Altcoins and XRP
Sheldon also shared predictions for Ethereum-killer altcoins. He believes Solana (SOL) could rise to as high as $38-$40 after breaking the $26 resistance. Before this potential rally, he warns that SOL may retest $26 in the next 24-48 hours. Cardano (ADA) may present short-term long opportunities, with the RSI indicators on ADA’s lower time frame charts potentially bottoming out in oversold territory.
Following the positive outcome of the Ripple Labs and Securities and Exchange Commission (SEC) lawsuit, Ripple (XRP) saw a significant gain. Sheldon believes XRP’s price may continue to climb in the coming weeks, with a potential rise to $1.30 if it overcomes $1 and BTC rallies.
Bullish Outlook for SushiSwap and NEAR Protocol
In the DeFi market, Sheldon is particularly bullish on SushiSwap (SUSHI) and expects its price to explode in the short-term. However, he predicts a slight pullback to $0.75-$0.76 before this happens. He also named NEAR Protocol (NEAR) as a cryptocurrency to watch for in the short term and estimates that its price could reach $2.5 in a potential price pump.
Disclaimer: The views and opinions in this analysis are published in good faith and readers must do their own research. Coin Edition and its affiliates will not be held liable for any damage or loss resulting from actions taken based on this analysis.