Renowned crypto analyst Cheeky Crypto recently shared his insights in a YouTube video, highlighting significant market movements and investment opportunities. Over the past few months, the crypto market has experienced notable pullbacks, with Bitcoin showing a 22.3% correction in April and a 17.62% drop in March.
From the end of March to the start of April, Bitcoin saw a 19.78% growth, followed by a 27.2% increase from May 1 to May 21, according to CoinMarketCap. Cheeky Crypto emphasizes Bitcoin’s current sideways movement is gearing up for another bullish phase. The analyst remains optimistic about future gains with the Ethereum ETF approval and other market developments.
The analyst discusses his recent and upcoming investment strategies in his video, focusing on Ethereum and several promising projects. He has steadily accumulated Ethereum, noting its robust support and resistance levels. The recent approval of the ETF 19B4 filings has led to a significant price increase for Ethereum. The analyst predicts that the S1 filings’ approval will further boost Ethereum’s value, potentially reaching $4,500 to $5,000, with higher targets of $6,500, $9,000, and even $22,000 in the long term.
Cheeky Crypto also highlights the importance of layer 2 solutions for Ethereum, particularly Polygon (MATIC). He praises Polygon’s ability to improve Ethereum’s scalability and efficiency and predicts it would become the top layer 2 solution.
Analyst Predicts Major Altcoin Gains: Key Events to Boost Market VolatilityPolygon has shown impressive growth despite a 54% drop in mid-March. The analyst has been buying MATIC during these dips, anticipating substantial future gains. He sets a long-term target for Polygon at $77, suggesting a potential 10,000% increase.
Another layer 2 solution on analyst radar is Arbitrum. Despite a 64% decline from January to April, the analyst sees Arbitrum as a crucial scaling solution for Ethereum. Cheeky Crypto believes that with Ethereum’s anticipated price surge, Arbitrum will see significant demand, projecting its price to reach $4 to $6 in the short term.
Lastly, Cheeky Crypto discusses his investment in Solana for his retirement portfolio. He believes Solana has a promising future, especially with the impending launch of the Ethereum ETF. Although Solana’s price has seen a 44.8% drop, The analyst remains optimistic about its long-term growth, targeting a potential move to $245 to $314.
The analyst’s insights point to a bullish outlook for Ethereum and its layer 2 solutions. Investors are encouraged to monitor these assets closely and consider strategic entry points for maximum gains.
