Predicting Bitcoin price movements and when altcoin prices will rise again is no small feat, but one analyst has managed to do it. Crypto analyst TonyTheBull calls for a bull market, saying this cycle is different from previous ones in that there will be a rally this year.
This proved to be true last week when the price of Bitcoin started to rise, reaching $35,100. Now the analyst has named the next altcoin that will perform better, and that is already the case.
Fetch (FET) is the next Altcoin in line
In the latest version of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his next pick after Bitcoin’s breakout. He revealed that he had previously bought FET, which outperformed in January, and believes the same will be the case here.
FET, one of the top AI-powered crypto tokens, is already on the rise after the analyst mentioned it at the $0.24 level. TonyTheBull also states that a Raging Bull indicator coming on could confirm further upside. “Waiting for the Raging Bull to turn on would help confirm the increased bullishness in the altcoin,” the newsletter said.
Source: CoinChartist
The Raging Bull Indicator, the analyst explained, “is designed using the Relative Strength Index to indicate when Bitcoin or other assets are in a bull market, and more importantly, trending impulsively.” In short, this indicator helps to show the strength of a cryptocurrency.
Looking at the FET’s performance since the call, it is already up over 30% and is now trading above $0.3, hitting a local high of $0.32 on Wednesday.
FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
Bitcoin isn’t the only one looking good
Despite Bitcoin still looking incredibly bullish on the charts, the analyst points to some altcoins that have also had their Raging Bull Indicators turned on this year. First on the list is Solana, whose indicator turned on for the first time since 2022. After this, the digital asset made a huge run, but it might not happen.
TonyTheBull revealed that the last time this indicator was turned on, Solana exploded 500% and then continued to rally 17,000%. So if we stick with the historical performance, the Solana rally may only be in its early stages.
Source: CoinChartist
The next altcoin to appear on the list is Chainlink’s LINK. LINK has risen from around $7 to over $11 in just a few days. But like Solana, this coin may still be in its early stages. LINK’s Raging Bull Indicator was last enabled in 2019 and the coin posted a “700% short-term gain, and over 9,000% overall.” The analyst further added, “This may not be a situation to sleep on.”