A prominent analyst predicts a major rally for Bitcoin and gives his outlook on the smart contract platform Ethereum (ETH) and two other altcoins.
The analyst, nicknamed Capo, told his 187,500 Twitter followers that Bitcoin (BTC) has likely hit a local low and is now preparing to unleash a major rally.
“That is a simple impulse + ABC correction. On that basis, heat map and funding rate … the only way is up. “
The source: Capo / Twitter
The analyst uses Elliott Wave Theory, a method of technical analysis that predicts future price movements by tracking the sentiment of market participants across each wave. In theory, BTC is ready to resume its uptrend after completing an ABC correction.
Capo is also looking into a heat map tool to help determine liquidity in the market. According to him, the heat map shows that with every correction, buyers are actively buying BTC.
“Just one look at the heat map shows how bullish the market is. The demand is very strong and the supply is very small. I assume that BTC will soon rise to $ 70,000 and this year it will rise to $ 100,000 and more. “
The source: Capo / Twitter
With Ethereum in mind, Capo is charting its path on the Bitcoin (ETH / BTC) pair in the near future.
“ETH / BTC is programmed to move towards ATH.”
The source: Capo / Twitter
The crypto strategist is also updating his outlook on Coti (COTI), a blockchain platform that enables companies to develop financial technology products such as stablecoins and payment networks. Capo said COTI looks “very bullish” after turning previous major resistance into support.
“COTI rebounded from the previous all-time high, a perfect flip.”
The source: Capo / Twitter
The last coin on the analyst’s radar is the decentralized machine learning network Fetch.ai (FET).
Capo predicts the FET will rise above $ 1 in the short term, meaning a potential gain of at least 26% from its current price of $ 0.79.
“FET will move as expected.”
The source: Capo / Twitter
You can see the Bitcoin price here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Dailyhodl
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Pantera Capital TON investment signals confidence in TON's scalability and ecosystem growth amid a bullish…
Jack Dorsey's Block initiates monthly Bitcoin investments to expand its holdings in 2024.
The EigenLayer airdrop plan includes distributing 110 EIGEN tokens minimum, with transferability post-September 30, 2024.
Crashino stands distinguished, not only for its cutting-edge platform but also for its groundbreaking acceptance…
Coinbase SEC lawsuit is still ongoing while the exchange remains confident, citing recent court developments.
Coinbase quarter revenue in transactions skyrocketed, helping the exchange earn $1.18 billion in profit.
This website uses cookies.