A widely followed crypto analyst is revealing what he thinks the floor is for top cryptos Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
In a new video, the host of InvestAnswers talks to his 381,000 YouTube subscribers about what the next correction or bear phase could look like for the crypto market.
The analyst says that Bitcoin has a good shot of reaching the six-figure mark by early next year and that a 50% correction is the most likely outcome to follow unless a macroeconomic event takes it down further.
“I do believe retracements will be more of the order of 50%. So if we get Bitcoin to $100,000, which I believe is still very very possible early next year, we will retrace back to $50,000, maybe $42,000 in the worst-case scenario. Like heaven forbid if China invades Taiwan or something which is looking very probable, or Russia invades Ukraine, these are things that could happen. That could bring about – I don’t know if I’d call them ‘black swan’ events because everybody can see it coming – but if that happens, things could take a big hit.”
The analyst reiterates his bottom target for Bitcoin and also names prices for smart contract platforms Ethereum and Solana.
“I do believe $42,000 could be a good bottom for Bitcoin, and we saw it being tested a few times over the last couple of months. Ethereum could easily go back to the low $3,000s, or $2,400. Solana [could go to] $120, $150, just where we were recently. I think they’re the true bottoms.
Remember if the world does collapse, that’s the danger of investing, that’s when you want to hold fiat that goes down by 15% because other things will trend worse than that. “
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