InvestAnswers Looks Into Bitcoin (BTC), Ethereum (ETH) And Algorand (ALGO)

A prominent crypto market analyst looked into where Bitcoin (BTC), Ethereum (ETH) and Algorand (ALGO) prices could climb during 2022.

Bitcoin (BTC)

In a recent video update, YouTube channel InvestAnswers’ host looked into a Bitcoin (BTC) chart from CryptoStackers founder Forrest Przybysz, which has three key price range metrics: accumulation in the lows, mean reversion where price bounces back, and overextension which plots out anticipated rally tops.

“He’s very conservative in his estimates and I love his simple charts. He believes we could go to $102,000 in this bull market this year.
The mean reversion line is about $51,000, and the shopping layer is between $30,000 and $25,000 – but obviously a little bit higher too. We’re not going to see that at $25,000. We didn’t even get under $31,000.”

Bitcoin dipped again below $37,000, currently trading at $36,950 after visiting $39,000 earlier this week.

Ethereum (ETH)

The show host turns his eyes next onto the leading smart contract platform Ethereum (ETH) and references another CryptoStackers chart while discussing the status of ETH 2.0 to see where the project is going.

“Looking at this chart you will see the accumulation zone ($1,881) which we’re way above right now. Mean reversion about $3,760. And the overextension about $7,500.
We spent all of 2021 talking about ETH 2.0, that’s now a thing of the past, doesn’t exist. They’re kind of rebranding what it’s supposed to be. Maybe that’ll help them buy more time, but we’ll see if we’re actually going to get there at all.
Many people are saying… consensus mechanism is not going to be ready until probably 2023.
That’s reflected by, as we saw, the money outflows, the lack of confidence, and money flowing into other assets as we go forward.”

ETH also fell down to $2,681 after visiting above $2,800 earlier this week.

Algorand (ALGO)

The third digital asset on the list is decentralized blockchain network Algorand (ALGO).

Investment media, The Motley Fool believes that Algorand will be the Solana (SOL) of 2022, but the InvestAnswers host is not 100% convinced.

“Looking at the chart of Algorand for the last 12 months, it’s flat.
It’s basically where it was a year ago. That’s never a good sign for kind of a whole year to be lost.”

While the analyst sees upside for ALGO, he prefers assets that can 3x their value.

“Yeah, some of them may double, but we want more than a double this year, that’s what we’re looking for. We start at triples.
Considering the retracement we’ve had as well, it should be very easy to find a whole bunch of triples.”

At the time of writing, ALGO trades at $0.92, down 4.5% on the daily chart.