The cryptocurrency market is struggling to regain momentum, with Bitcoin pulling back to the $60,000 range. The altcoin market has mirrored Bitcoin’s performance, with few exceptions. In this environment, a widely-followed analyst suggests that Bitcoin is gearing up for a significant rally. The analyst also has optimistic views for Aptos and updates his outlook for SUI and Eigenlayer.
Analyst Predicts a Strong Move for Bitcoin
As reported by The Bit Journal, Bitcoin’s price journey has been volatile, with the cryptocurrency dropping from over $65,000 to the $60,000 range. Despite recovering some of its losses, the recovery hasn’t lasted long. Analyst Altcoin Sherpa remains bullish on Bitcoin, highlighting a possible upward trend.
Altcoin Sherpa points to the convergence of the 25-day, 55-day, 100-day, and 200-day exponential moving averages on Bitcoin’s daily chart, indicating a “tight price squeeze.” According to the analyst, “A big move is coming. Most likely upwards.” At the time of writing, Bitcoin was trading at $60,128, and both daily and weekly charts showed it in the red zone.
Aptos Looks Strong in the Short Term
The analyst also shares his views on Aptos (APT), a Layer-1 blockchain. He states, “APT looks very strong in the short term. I’m unsure about its long-term potential, but it could be a good spot trade as it moves toward $10+.” At the time of writing, Aptos had gained around 28% over the past month and was trading at $7.98.
What’s in Store for SUI and Eigenlayer?
The analyst then turns his attention to Sui (SUI), another Layer-1 altcoin. He notes that Sui has experienced “wild price action” in recent weeks. However, he warns that with future token unlocks increasing supply, it may not be the best hold long-term. As of writing, SUI had surged over 93% in the last 30 days and was trading at $1.78.
Finally, the analyst discusses Eigenlayer (EIGEN), an Ethereum re-staking protocol. He believes Eigenlayer is at a critical juncture and advises waiting for confirmation before jumping in. “It’s better to wait for the real breakout to see if it has sustainable momentum,” he says. Eigen was trading at $3.60 at the time of writing.
With the cryptocurrency market showing signs of potential movement, investors are keeping a close watch on Bitcoin’s next big move. Aptos, SUI, and Eigenlayer are also in the spotlight, each presenting unique opportunities and challenges.
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