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October 14, 2023

Crypto Analyst Says It’s ‘Inevitable’ Bitcoin Will Soar by Over 150%, Updates Outlook on Chainlink and Avalanche

By Daily Hodl Staff

A closely followed crypto strategist says that it is only a matter of time before Bitcoin (BTC) revisits its all-time high (ATH).

Pseudonymous analyst Altcoin Sherpa tells his 196,700 followers on the social media platform X that BTC will eventually soar and work its way back up to its all-time high at around $69,000.

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“Don’t get lost in the lower time frame charts and all of the noise.

BTC to ATH is inevitable, don’t fight it.”

Source: Altcoin Sherpa/X

Bitcoin is trading for $26,880 at time of writing and an increase toward its all-time high of $69,000 would be a more than 150% jump.

Next up, the trader says that the blockchain oracle Chainlink (LINK) has remained in an accumulation range for more than 500 days, but he predicts LINK will eventually break out.

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“LINK: 500-plus days in accumulation and chop. This will fly one day. I think the best way to play this (for most investors) is to:

  • DCA (dollar cost average) from $5-$7 (I know it’s a huge range)
  • Sit on this for as long as it takes and wait for the breakout of the range
  • First bids could be $6.80-ish.”
Source: Altcoin Sherpa/X

LINK is trading for $7.27 at time of writing.

Lastly, the trader says Ethereum (ETH) competitor Avalanche (AVAX) is likely to increase by more than 14% from its current value in the midterm.

“AVAX: I think this is a buy-the-dip situation:

  • Stars Arena coming back up/hack money restored.
  • Logical S/R (support/resistance) area, this is close to the point of origin.
  • Expecting to get above $10 again in the mid-term.”
Source: Altcoin Sherpa/X

Looking at his chart, the trader seems to believe that AVAX will meet with resistance at the $9.79 level, dip slightly, and then rally to around $10.50.

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AVAX is worth $9.17 at time of writing.

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