A prominent crypto strategist and trader has revealed price targets for Bitcoin (BTC) and two altcoin projects.
Analyst Jason Ficino tells his 329,000 YouTube subscribers in a new strategy session that Bitcoin could soon break a key price target resistance level, according to the Average True Range (ATR) indicator.
The ATR indicator measures volatility by showing the trading range of an asset over a specific period of time.
“You can see here that the average true range of the bars is disappearing. Look what happened in the previous cycles. The average true range is increasing, disappearing, disappearing, disappearing, and then it starts to take higher and lower forms and at that stage it’s pretty far out of the stealth zone.”
According to the analyst, Bitcoin has historically “stealthily moved” into an uptrend when the ATR indicator reaches a local low and the price continues to consolidate or reaches a higher low.
The analysts’ key upside price targets include $63,300 on the daily chart, $65,200 on the weekly chart, and $72,000 on the monthly chart.
At the time of writing, Bitcoin is trading at $60,176, down about 3% over the last 24 hours.
Next, the analyst believes that Solana (SOL), an Ethereum (ETH) competitor, is currently moving towards the top of its cycle.
“With the higher lows, it’s now looking to move higher, above $137, which is 50%. Next target on the weekly chart is $165. Then it moves to $190, $210. So $190 is above those highs. Then $210 is the current high for Solana. So it’s in motion. The long-term time frame hasn’t been determined yet, and that long-term time frame is weekly.”
As of this writing, Solana’s price is $141, down more than 8% in the last 24 hours.
Finally, the analyst predicts that Render (RNDR), a graphics processing unit (GPU) rendering blockchain, will recover its double-digit value.
“Now, what do we need to see until we get there? Obviously, higher lows, and that’s going to happen over the next few months, maybe four months as we get closer to the (U.S. presidential) election… If I continue to see higher lows, even if we break out during that period, it’s not going to stop me from getting in.”
At the time of writing, Render is trading at $7.04, down 7.7% over the last 24 hours.
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