Bitcoin, Polygon And An Ethereum Rival Will More Than Double In Price, Says Crypto Analyst – Here Is The Timeline
A crypto strategist says that the new year will see a doubling in price for several cryptocurrencies, including Bitcoin (BTC), Polygon (MATIC) and Solana (SOL).
Pseudonymous analyst altcoin Sherpa is telling his 187,800 Twitter followers that the worst of the economic woes are likely over and more than 100% gains are in store for some digital assets by December 2023.
According to Sherpa, the crypto market will improve in 2023 but volatility will continue with another market capitulation still likely.
“2023 will be an interesting year. I think the worst is mostly behind us, but I think there’s one final surrender awaiting. However, I think we will have many bear market rallies and liquidity will be very fragmented as it bounces from sector to sector à la 2021.”
Sherpa bases its price targets for December 2023 on its prediction that the macroeconomic picture will improve and that the fourth quarter has historically seen rallies in crypto markets, particularly for altcoins.
“Logic: I think the whole macro environment will be a bit better by the end of 2023. I also think we’ve seen a lot of Q4 rallies in 2017, 2020, 2021 and altcoin rallies in most Q4s in those years plus 2018/2019. Alts have had rallies in Q4 almost every year.”
Looking to Bitcoin, Sherpa says the king crypto will likely start a rally early next year, but there will also be some dips.
“BTC: I think we will see a rally in Q1 and more pain later. I think we’re probably looking at an overall range of between $15,000 and $30,000 for most of the year, with variances on either end.”
Sherpa says Bitcoin is likely to hit $35,000 by the end of the year. At the time of writing, Bitcoin is changing hands at $16,833.
Sherpa says Ethereum (ETH) is likely to outperform Bitcoin with price prediction of $3,200.
“ETH: I think it outperforms BTC overall and could potentially do so in the future.”
At the time of writing, Ethereum is changing hands at $1,218.
Sherpa says Ethereum rival Solana may gain momentum to $35 but it may remain weakened by the impact of the FTX collapse.
“SOL: I think recovering but depends on general selling pressure from FTX/SBF.”
At the time of writing, Solana is changing hands at $11.82.
Next, Sherpa says Chainlink (LINK) will maintain its Oracle dominance and predicts LINK can reach as high as $14. At the time of writing, LINK is changing hands for $5.98.
“The LINK chart looks good and should still be a top oracle.”
Finally, Sherpa says MATIC appears strong with its partnership deals bringing users to the blockchain project.
“MATIC: I think 2023 has a good chance of her [Business Development] and partnerships seem to be good.”
At the time of writing, MATIC is changing hands at $0.80.
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