A crypto strategist says that the new year will bring a doubling in price for several cryptocurrencies, including Bitcoin (BTC), Polygon (MATIC) and Solana (SOL).
Pseudonymous analyst Altcoin Sherpa tells his 187,800 Twitter followers that the worst of the economic troubles are likely over and by December 2023 more than 100% gains are in store for some digital assets.
Sherpa says the crypto market will improve in 2023, but choppiness will persist with one more market capitulation still likely.
“2023 is going to be an interesting year. I think the worst is behind us for the most part, but I think there is one last capitulation waiting. I do think we’ll have a lot of bear market rallies though, and liquidity will be very fragmented hopping from sector to sector à la 2021.”
Sherpa bases his December 2023 price targets on his prediction that the macroeconomic picture will improve and that historically fourth quarters have brought rallies to the crypto markets, especially for altcoins.
“Logic: I think that the overall macro environment will be a little better by the end of 2023. I also think that we have seen a lot of Q4 rallies in 2017, 2020, 2021 and altcoin rallies most Q4s in those years plus 2018/2019. Alts have had rallies nearly every year in Q4.”
Looking at Bitcoin, Sherpa says the king crypto will likely start to rally early next year, but it will also see some dips.
“BTC: I think we will see a rally into Q1 and then more pain later. I think we likely see an overall range from between $15,000-$30,000 for most of the year, with deviations on both ends.”
Sherpa says Bitcoin will likely reach $35,000 by the year’s end. At time of 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 outperforms BTC overall and could potentially be that way going forward.”
At time of writing, Ethereum is changing hands at $1,218.
Sherpa says the Ethereum rival Solana could pick up steam to $35, but it may remain weakened by the impacts of the FTX collapse.
“SOL: I think recovers but depends on the overall selling pressure from FTX/SBF.”
At time of writing, Solana is changing hands at $11.82.
Next, Sherpa says Chainlink (LINK) will retain its oracle dominance, predicting LINK can reach up to $14. At time of writing, LINK is changing hands at $5.98.
“LINK chart looks good and should still be a top oracle.”
Lastly, Sherpa says MATIC appears strong with its partnership deals bringing users to the blockchain project.
“MATIC: I think has good chances in 2023, their [Business Development] and partnerships seem good.”
At time of writing, MATIC is changing hands at $0.80.