‘The Best Is Yet To Come’ – Analyst Says Altcoins Have Bottomed Out, Predicts All-Time-High Rally for Bitcoin
dailyhodl.com 21 July 2024 17:45, UTC A trader who accurately called the 2022 crypto collapse thinks the market is poised to witness bursts to the upside.
Pseudonymous analyst Capo tells his 864,100 followers on the social media platform X that he’s bullish on Bitcoin and altcoins now that BTC has reclaimed the $60,000 psychological price level.
“BTC is pumping, especially after reclaiming $60,000-$61,000.
Altcoins also seem to have found their local bottom. In my opinion, the best is yet to come.”
Looking closer at Bitcoin, Capo says on the instant messaging service platform Telegram that Bitcoin appears ready to soar above $73,200 after taking out resistance at $65,000.
“We should expect higher prices. The main target would be the upper liquidity zone (red zone).”
At time of writing, Bitcoin is trading for $67,339.
Turning to altcoins, Capo says he’s looking at the OTHERS chart, which tracks the total market cap of crypto excluding the 10-largest digital assets and stablecoins.
According to Capo, the altcoin market will continue to print rallies after OTHERS flipped resistance at $240 billion into support.
“ALTCOINS update:
Nice bounce from the blue zone.
Now the next step is a clean reclaim of the green zone, starting with bullish price action above the blue line. That would be a sign of strength.”
At time of writing, OTHERS is trading at $242.914 billion.
Capo also has his eye on the native asset of Artificial Superintelligence Alliance (FET) – a crypto project that saw the merging of three artificial intelligence (AI)-focused protocols Fetch.ai, Singularitynet and Ocean Protocol.
The analyst says he’s bullish on FET after it retested the $1.25 level as support.
“A chart is worth a thousand words.”
At time of writing, FET is worth $1.46.
Generated Image: Midjourney
