An analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one low-cap altcoin could ignite rallies amid a flurry of bullish catalysts.
Pseudonymous analyst Pentoshi tells his 674,900 Twitter followers that he’s accumulating Synapse (SYN), a protocol that aims to enable secure cross-chain communication.
According to Pentoshi, the project will likely witness bullish events that could catapult SYN toward his targets.
“Before I go to bed. Thought I’d share how I’m looking to play it. Most important levels marked technical analysis-wise. Fundmental analysis-wise: I believe three or so catalysts will come in the next one to six weeks to propel it revolving around Synchain/DApps.”
Synchain is a project that bills itself as a next-generation blockchain that aims to solve the issues scalability and security. At the moment, there’s no clear announcement suggesting that a partnership is brewing betwen Synapse and Synchain.
Looking at Pentoshi’s chart, he appears to have set multiple targets for SYN from $1.47 all the way up to $3.75. The crypto analyst also says that he placed bids between $1.20 and $1.25 in case of a corrective move.
At time of writing, SYN is trading at $1.33, up over 4% on the day.
Looking at Bitcoin, the crypto strategist sees BTC falling to around $21,200.
“BTC current range.”
At time of writing, Bitcoin is worth $21,800, a fractional dip on the day.
As for the broader crypto market, Pentoshi warns that crypto could witness a tough 2023 as regulators crack down on the nascent industry.
“Obviously this is going to be a rough year from a regulatory standpoint, as we’ve seen this week. All of this too shall pass. Bullish on the frogs [crypto market participants] overcoming the suits, and animal spirits winning in the end.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Moksha Labs/Natalia Siiatovskaia