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The next bullish move in digital assets will be a “real” breakout that will take markets to new highs, according to a trader who accurately predicted a crypto crash in late 2022.
The pseudonymous dealer known as Capo He says He has 101,000 Telegram subscribers, which has made Bitcoin (BitcoinThe bounce was a “test pump” as the real rally approached.
“This was a pump to clean up the liquidity from the top. The next pump is supposed to be the real kick-off.”
Capo says a convincing break of the $62,000 level — which has likely happened with BTC currently trading at $64,201 — would likely lead to a continuation of the $70,000 range.
BTC – Taking it easy
– First bullish confirmation: Clean recovery of $62,000 = likely to reach $69,000 – $70,000.
– Second bullish confirmation: Clean recovery of $69,000 to $70,000 = major target ($75,000 to $80,000) possible.
Meanwhile, ignore short-term declines…”
Looking at altcoins, Capo shares the OTHERS chart, which tracks the market cap of all crypto assets except the top 10 digital assets and stablecoins, and aims to measure the strength of altcoins.
The trader divides the market cycle into four main phases including the “pre-alternative season” which consists of a bearish move and recovery, followed by the “true alternative season” which consists of a shorter correction and a parabolic move to the upside.
According to the Capo chart, altcoins may be on the verge of the final chapter of massive upside.
At the time of writing, OTHERS is valued at around $213 billion.
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