A crypto strategist says that the new year will see the price of several cryptocurrencies, including Bitcoin (BTC), Polygon (MATIC) and Solana (FLOOR).
Pseudonymous Altcoin Sherpa Analyst recount its 187,800 Twitter followers that the worst of the economic woes is likely over and by December 2023, over 100% gains are in store for some digital assets.
Sherpa said the crypto market will improve in 2023, but instability will persist with another market capitulation still likely.
“2023 is going to be an interesting year. I think the worst is largely behind us, but I think a final capitulation awaits us. However, I think we will have a lot of bearish rallies and liquidity will be very fragmented, moving from one sector to another until 2021.
Sherpa bases its December 2023 price targets on its prediction that the macroeconomic situation will improve and that historically fourth trimester have brought rallies to the crypto markets, especially for altcoins.
“Logic: I think the overall 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 is rallying most of Q4’s those years plus 2018/2019. The Alts had rallies almost every year in the fourth quarter.
Looking at Bitcoin, Sherpa said the crypto king will likely start to rally early next year, but it will also experience some dips.
“BTC: I think we will see a rally in the first quarter and then more pain later. at both ends.
Sherpa says Bitcoin will likely hit $35,000 by the end of the year. As of this writing, Bitcoin is changing hands at $16,833.
Sherpa says Ethereum (ETH) is likely to outperform Bitcoin, with a price prediction of $3,200.
“ETH: I think this outperforms BTC overall and could potentially be so in the future.”
As of this writing, Ethereum is changing hands at $1,218.
Sherpa said Ethereum rival Solana may gain momentum at $35, but it may remain weakened by the impacts of the collapse of the FTX.
“SOL: I think it is recovering, but it depends on the overall selling pressure from FTX/SBF.”
At the time of writing, Solana is changing hands at $11.82.
Then Sherpa said Chain link (LINK) will maintain its oracle dominance, predicting that LINK can reach up to $14. At the time of writing, LINK is changing hands at $5.98.
“The LINK chart is looking good and should still be a leading oracle.”
Finally, Sherpa said MATIC appears strong with its partnership agreements bringing users to the blockchain project.
“MATIC: I think I have a good chance in 2023, their [Business Development] and the partnerships seem good.
At the time of writing, MATIC is changing hands at $0.80.
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
Check price action
follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Blend
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/TadashiArt
0 Comments