An analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one low-cap altcoin could ignite rallies amid a flurry of bullish catalysts.
Pseudonymous analyst Pentoshi tells his 674,900 Twitter followers that he’s accumulating Synapse (SYN), a protocol that aims to enable secure cross-chain communication.
According to Pentoshi, the project will likely witness bullish events that could catapult SYN toward his targets.
“Before I go to bed. Thought I’d share how I’m looking to play it. Most important levels marked technical analysis-wise. Fundmental analysis-wise: I believe three or so catalysts will come in the next one to six weeks to propel it revolving around Synchain/DApps.”
Synchain is a project that bills itself as a next-generation blockchain that aims to solve the issues scalability and security. At the moment, there’s no clear announcement suggesting that a partnership is brewing betwen Synapse and Synchain.
Looking at Pentoshi’s chart, he appears to have set multiple targets for SYN from $1.47 all the way up to $3.75. The crypto analyst also says that he placed bids between $1.20 and $1.25 in case of a corrective move.
At time of writing, SYN is trading at $1.33, up over 4% on the day.
Looking at Bitcoin, the crypto strategist sees BTC falling to around $21,200.
“BTC current range.”
At time of writing, Bitcoin is worth $21,800, a fractional dip on the day.
As for the broader crypto market, Pentoshi warns that crypto could witness a tough 2023 as regulators crack down on the nascent industry.
“Obviously this is going to be a rough year from a regulatory standpoint, as we’ve seen this week. All of this too shall pass. Bullish on the frogs [crypto market participants] overcoming the suits, and animal spirits winning in the end.”
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