Key Points:
- Cantering Clark, a pseudonymous expert, foresees SAND might rise by at least 38% from current levels.
- Bitcoin may either fall to $20,000 before rising past $31,000, or it could never fall after reaching $25,000 and continue to rise to the $30,000 price level.
A well-known crypto strategist predicts gains for metaverse altcoin The Sandbox (SAND) while updating his Bitcoin forecast (BTC).
Cantering Clark, a pseudonymous expert, told crypto-conscious people on Twitter that SAND might rise by at least 38% from current levels.
Since the beginning of the year, the value of SAND has nearly doubled, and Clark believes that the blockchain-based gaming environment will continue to grow given the strength of the gaming crypto subsector.
According to the tokenomics data website TokensUnlock, investors are likely hedging against a token unlock, which will take place in 13 days at the time of this writing. Unlocking events tend to diminish the value of tokens because it is the point at which token investors can sell once vesting periods expire.
Hedges, on the other hand, might serve as fuel for additional rallies because traders betting on the asset falling may be forced to buy back if the market moves against their bias.
Good chances that this is the pivot spot for SAND to continue. Retesting prior weekly lows as support above after a 2x off the lows. Unlock is in [14] days so there is probably a ton of hedging baked in. Gaming has been number one over 30 days, the last week, and last 24 hours. Minimum $1.
At the time of writing, SAND is trading at $0.73, increasing by 91% since January 2023.
In terms of Bitcoin, the trader discusses two scenarios in which BTC could reach $30,000. According to Clark, Bitcoin may either fall to $20,000 before rising past $31,000, or it could never fall after reaching $25,000 and continue to rise into the $30,000 price level.
At the time of writing, Bitcoin is trading at $23,138.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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