A trader who accurately called the 2022 crypto collapse thinks the market is ready to witness an upside burst.
Pseudonymous analyst Capo tells his 864,100 followers on social media platform
“BTC is pumping, especially after recovering $60,000-$61,000.
Altcoins also seem to have found their local bottom. As far as I’m concerned, the best is yet to come.”
Taking a closer look at Bitcoin, Capo said on instant messaging service platform Telegram that Bitcoin appears poised to rise above $73,200 after clearing the $65,000 resistance.
“WYou should expect higher prices. The main target would be the upper liquidity zone (red zone).”
At the time of writing, Bitcoin is trading at $67,339.
As for altcoins, Capo says he looks at the OTHERS chart, which tracks the total market capitalization of crypto, excluding the 10 largest digital assets and stablecoins.
According to Capo, the altcoin market will continue to print rallies after OTHERS turned the $240 billion resistance into support.
“ALTCOINS update:
Nice bounce from the blue zone.
The next step now is a clean recapture of the green zone, starting with bullish price action above the blue line. That would be a sign of strength.”
At the time of writing, OTHERS is trading for $242.914 billion.
Capo also has his eye on the native asset of Artificial Superintelligence Alliance (FET) – a crypto project that saw the merger of three artificial intelligence (AI)-focused protocols Fetch.ai, Singularitynet and Ocean Protocol.
The analyst says he is bullish on the FET after it retested the $1.25 level as support.
“A diagram says more than a thousand words.”
At the time of writing, FET is worth $1.46.
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Generated image: Midjourney