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A popular crypto analyst says that the best altcoins to hoard right now include Solana (SUN), polygon (MATIC) and five Ethereum (ETH) rivals.
In a new strategy video, the presenter of InvestAnswers He says five tier 1 altcoins, TRON (TRX), Tezos (XTZ), Harmony (A), Flow (FLOW), and Phantom (FTM), are currently a solid value based on the price per daily active user (DAU) metric.
“This is probably the most important thing to look at. And this is the best option for the layers of money out there. Some of them are old like the TRON (TRX) of the world and Tezos (XTZ). But you have Solana there, you have Polygon there, you have Harmony (ONE), Flow (FLOW), Fantom (FTM). All of these are cheap based on price per daily active user.
There are plenty of other ways we value them, but it’s a simple place as to where you can look to buy and what you should think about hoarding. And again, you know what this channel likes and what we’ve liked since April 2021. And we haven’t strayed once.
So in conclusion to your question, there is no telling where the price action will go in different cryptos. Sometimes the market is not logical at all. If you see, for example, Tesla is trading at an 18.19 month low right now, and the amount of progress they’ve made in the last 18 to 19 months is mind-boggling. How can that be possible? I don’t know. Markets are illogical.”
The pseudonymous host also weighs in on Bitcoin (BTC) of the future, saying that investors will have ample buying opportunities in the coming months. He bases his analysis on Elliott Impulse Wave, which models price action in waves, including price corrections. It also sets a price target of $63,000, triggered by Bitcoin’s expected halving in the spring of 2024. A halving is an event in which the rewards for Bitcoin miners are cut in half, which which reduces the supply of digital currency.
“This is a simple Elliott wave impulse going forward. And I think we could be at $63,000 by April 2024, which is about a year and a half from now. So there could be plenty of opportunities for you to get Bitcoin close to $20,000 or less than $30,000 even in the spring of next year.
Again, not financial advice, but this is where I see it. And remember after halving we expect to go much higher, but I think we could be back to $63,000 by spring 2024.”
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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