A widely followed analyst is outlining the potential path forward for Bitcoin (BTC), Solana (SOL) and other crypto assets.
The analyst pseudonymously known as InvestAnswers tells his 563,000 YouTube subscribers that Bitcoin, Solana and other crypto assets are in a “classic bear trap.”
A bear trap is a situation where a decline is interpreted as the start of a bearish trend when it is a temporary development that will reverse upwards.
“I think we’re still in the bull market. I’m 95% sure we’re still in the bull market. But this bear trap is designed to break your heads. Do not leave. Do not leave at this stage, ladies and gentlemen.”
Turning to Bitcoin, the pseudonymous analyst says that a bullish reversal pattern has formed on the crypto king.
“[Bitcoin has] been staggering around this area [around $82,000] for like seven or eight days. So it’s a classic double bottom, which is what I like to see.”
Bitcoin is trading at $81,602 at time of writing.
On Solana, the pseudonymous analyst says the sixth-largest crypto asset by market cap is “drastically undervalued” at the moment.
“A few weeks ago I did a math model – if Solana was valued like Bitcoin based on users, based on revenue, based on adoption, based on transactions, etc. the market cap would be $24 trillion.
Bitcoin’s $2 trillion. So it would be 12 times more valuable than Bitcoin. And I know Bitcoin is a store of value and stuff but just putting things in perspective. Cream will eventually float to the top. We just don’t know when.”
Solana is trading at $125 at time of writing.
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The post Bitcoin, Solana and Crypto Markets Likely in ‘Classic Bear Trap’ Before Euphoric Move: InvestAnswers appeared first on The Daily Hodl.
