Bitcoin will continue its remarkable rally but could retest its lows, and possibly lose half of its value, according , a self-described cryptocurrency evangelist.
The world’s largest crypto has seen its price rise 48% to $25,000 in eight months, during a wider rebound for cryptos. Ether, which is the second-largest crypto asset, has also seen a resurgence and is currently up 44% in 2023, its highest point since mid-September.
While both tokens have upside, ether looks better from a risk-reward perspective, according to Forrest Przybysz (founder and CEO of Sistine Research), in an interview with Insider.
What’s next in bitcoin and ether?
Przybysz’s charts show that Bitcoin is near a critical technical resistance range between $28,000 and $32,000. Przybysz stated to Insider that the token could rise another 28% if investors continue taking on risk in a larger market rally. However, he said that bitcoin is unlikely to lose its gains.
Przybysz’s charts indicate that bitcoin could fall to as low as 24% below $19,000 support. However, a 50% drop to $12,700 would be possible if it can’t hold this crucial mark. In the worst case scenario, bitcoin could fall to levels it last saw in late 2020.
Przybysz stated that ether is stable and supported in the mid-$1,300s. It could even reach $2,000 or $2,700 by late first or early second quarter. Przybysz’s charts indicate that ether could drop 20%, but the token’s upside potential of 57% is twice that of bitcoin.
Despite strong showings this year, bitcoins and ether still remain 64% below all-time highs. Przybysz said that ether and bitcoin won’t break their price records until late 2024. However, he believes the structure of the bear market has been broken.
Przybysz stated that he believes there could be another uptake in crypto, which would then likely be followed by a return of some of the lows we’ve seen. “And then, once we get closer towards the end of 2023 (maybe it’s 2024), we might start to see some buying behaviour come in.”
4 tokens instead of bitcoin
Although bitcoin seems risky at the moment, Przybysz stated that there are four smaller cryptos: ether (ETH), polygon( MATIC), quant [QNT], and chainlink (LINK). He said that these altcoins offer upside, despite the harsh crypto winter this year.
Przybysz stated that there will be many lower-cap cryptocurrency – altcoins- that may do all-time highs. These are just one-offs who decide to deviate or decouple. “We have some that are performing well, possibly putting in new highs,” Przybysz said. But they are few and far between.
Here are the four cryptocurrencies the chartmaster and head of research firm is most bullish on right now. They also include the symbol, market capitalization and thesis.