The bulls recovered their power in July after the sudden and unexpected cryptocurrency market collapse in April and June that sent Ethereum, and the king coin, Bitcoin, to alarming lows. Bitcoin’s price increased by more than 18% during the course of the 31-day period, albeit it is still a long way from its record high in November 2021.
In light of indications that the cryptocurrency market may be recovering, a well-known crypto trader is offering his predictions for Bitcoin, ApeCoin, and two altcoins based on Ethereum.
Bitcoin Needs to confirm its Uptrend
While Bitcoin is still trading above its 200-day EMA, Altcoin Sherpa warns that the top virtual currency needs to hold up to confirm an advance.
“BTC: I find this to be a key level (this and $22,000) that must be held for a higher low to be considered. The last move bounced at the .618, this one is currently around the .50 level.”
According to him, the price of the cryptocurrency asset APE, which is linked to the Bored Ape Yacht Club (BAYC), might increase to $9.00 based on the performance of Bitcoin and Ethereum. APE is now trading for $7.43 at this time.
As for the APE coin, he says that if BTC and ETH remain consistent, I believe this will continue to grind up to $9. Overall, I’m still in the same position, but I’ve already made some money. the middle of the $5s.
The estimate for Optimism (OP) and Lido Dao (LDO), which reached peaks of $2.18 and $2.81, respectively, this month, is also provided by Altcoin Sherpa. He asserts that following the price spike, the two alternative coins will inevitably decline. LDO is now changing hands at $2.57 and OP is trading at $1.86.
“I think both LDO and OP are probably decent shorts, at a very minimum a hedge against all of your spot holdings. High % chance these are much cheaper tokens in the mid/long term. Don’t buy here if you plan on holding for a while, in my opinion.”