A prominent analyst sets price targets for 3 cryptocurrencies as the market tries to recover from a weak start to 2022.

In one strategy session Recently, the host of YouTube financial education channel InvestAnswers shared a Bitcoin chart by CryptoStackers founder Forrest Przybysz.

The chart has 3 main indicators of the price range: accumulation lows, mid-reversals where prices rally, and over-expansion, which indicate expected bullish spikes.

The moderator of InvestAnswers said about Przybysz:

“He’s very conservative in his estimates and I like his simple charts. He believes BTC can reach $102,000 in this bull market this year.

The mean reversal line is around $51,000 and buying activity is between $30,000 and $25,000 – but of course a bit higher. We won’t see that at $25,000 and even below $31,000.”

BTC has managed to maintain its upward momentum from the monthly low below $34,000 on Jan. 24, but its current price of $38,551 is still 17.9% down from its New Year’s price of $47,292.

 Source: Trade View

Next is the leading smart contract platform Ethereum (ETH). ETH price is down 25% so far this year.

The analyst consults another CryptoStackers chart while discussing the state of ETH 2.0 to see where the project could go next.

“Looking at this chart, you can see the $1,881 accumulation zone which we are currently above. A reversal to the mean means about $3,760. And stretched to around $7,500.

We spent all of 2021 talking about ETH 2.0, that name is now in the past, no longer exists. They will be renamed. Maybe that will buy them some time, but we’ll see if we actually get there.

Many say that… the consensus mechanism won’t be ready until 2023.

This is reflected in the cash outflow, lack of confidence and cash flow into other assets we are targeting.”

planned for BTC, ETH, and ALGO

Source: InvestAnswers

ETH is up 5.68% on the day and is trading at $2,762.

Last on the list is the open-source, decentralized blockchain network Algorand (ALGO).

Regarding the announcement by famous financial media outlet The Motley Fool that Algorand will be the Solana of 2022, the host of InvestAnswers is still skeptical.

“If you look at ALGO’s chart for the last 12 months, it hasn’t changed. That’s basically where it was trading a year ago. That’s never a good sign after a year.”

Regarding stable commercial brands like ALGO, the host concludes:

“Yes, some of that will probably double, but we want more than double this year, that’s what we’re looking for. We start at 3x. Given how strong the rebound was, it would be easy to find a string of triples.”

At the time of writing, ALGO is up 3% to $0.99. A month ago it was trading at almost $1.70.

 Source: Trade View