BTC, FET, and BLUR Have Good Long-Term Potential, Analyst Says

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  • If BTC rises past $43,418, it could set the tone for a move to $45,000.
  • FET could face a hurdle at $0.64. If rejected, its price could drop below $0.60.
  • BLUR could hit $0.70 but an entry around $0.60 could be good if it pulls back.

Crypto trader Altcoin Sherpa posted his analysis about Bitcoin (BTC), (FET), and Blur (BLUR) on January 29. For Bitcoin, Sherpa noted that he was extremely bullish on the coin for the long term.

He, however, pointed out that the current price might not be a good entry despite admitting that BTC could reach $45,000 within a short period.

Bitcoin (BTC)

To back up his point, the analyst noted that BTC needed to clear the $43,418 region before it could rise toward $45,000.

At press time, BTC changed hands at $43,344, meaning that the price still has more to do if it were to hit $45,000. Based on the 4-hour BTC/USD chart, the coin showed signs of a further increase.

This was mainly because of the positions of the 20 and 50 Exponential Moving Averages (EMAs).  As of this writing, the 20 EMA (blue) had crossed over the 50 EMA (yellow). In the short term, this trend is considered bullish.

BTC/USD 4-Hour Chart (Source: TradingView)

But it does not end there. BTC had also broken above both EMA, suggesting that sellers had been pegged back. Should this remain the case, Bitcoin’s first target could flip $44,000. (FET)

Sherpa’s opinion about FET was a little different from Bitcoin’s. However, the analyst agreed that the AI-based token does not offer a good buying opportunity for the short term. According to him, FET is more of an investment than a token to trade.

FET’s price at press time was $0.62. A close look at the price action also showed that it has been consolidating since January 24. 

But details from the 4-hour chart showed that the RSI had climbed to 57.39. This reading was a sign of buying momentum. So, it is likely that participants are filling buy orders for FET between $0.60 and $0.62.

However, FET could face a stumbling block at $0.64. Bulls need to hold the $0.60 support to clear that path while intense buying pressure has to come in.

Regardless of the input, the Bollinger Bands (BB) indicated low volatility. So, there is a high chance that FET might trade tightly in the coming days. 

FET/USD 4-Hour Chart (Source: TradingView)

From a bullish point of view, the token value could reach $0.65. But in a highly bearish case, it could drop to $0.55.

Blur (BLUR)

In BLUR’s case, the trader admitted that he held the token. He also gave reasons for his decision, saying that the NFT fundamentals and some of its supply being locked makes it a potentially bullish cryptocurrency. 

However, Sherpa opined that entries for BLUR should be around $0.60. BLUR’s price at press time had increased to $0.67. So, investors who plan to hold the token for the long term might need to wait for a retracement.

Coin Edition looked at the Fibonacci retracement and observed that the 0.786 Fib was at $0.60. This confirms the trader’s opinion that a good entry could be around the price when BLUR pulls back.

BLUR/USD 4-Hour Chart (Source: TradingView)

Meanwhile, the Awesome Oscillator (AO) had risen to 0.036, suggesting increasing upward momentum. As it stands, BLUR might tap $0.70 soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.