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

Crypto trader Altcoin Sherpa posted his analysis about Bitcoin (BTC), Fetch.ai (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.

$BTC: Not currently buying here but will keep observing. I think that price is still extremely bullish on high time frames but this isn’t the place to open a fresh position IMO. Break this current area and I think we can easily test $45k. #Bitcoin pic.twitter.com/gQLvoNSh3r

— Altcoin Sherpa (@AltcoinSherpa) January 29, 2024

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.

Fetch.ai (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: This chart isnt clear to me at all. Grinding up to a high volume node area; probably not a buy in this current area BUT I do think that it goes much higher in the coming months. Not really a great trade, more of an investment https://t.co/3QNSVYXGDb pic.twitter.com/H3jgdsouQy

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2024

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.

$BLUR is a bag of mine and I plan to hold it for a decent time. I think it’s a great bet on the NFT infra space and BLAST farming is just a cherry on top in terms of the overall supply being locked. bullish. Try to wait for an entry though $.60 or lower. https://t.co/vHrX81WdDb pic.twitter.com/2KujmcHpH8

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2024

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.

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