The next upward move in digital assets will be the “real” breakout that takes markets to new highs, according to a trader who accurately predicted the late 2022 crypto collapse.
The pseudonymous trader known as Capo tells his 101,000 Telegram subscribers that the recent Bitcoin (BTC) bounce was a “test pump,” with the real rally to come.
“That was a pump to clean the liquidity from above. The next pump should be the real breakout.”
Capo says that a convincing break of the $62,000 level – which has potentially happened with BTC currently trading at $64,201 – will likely lead to a continuation to the $70,000 range.
“BTC – taking it simple
– First bullish confirmation: clean reclaim of $62,000 = $69,000-$70,000 likely.
– Second bullish confirmation: clean reclaim of $69,000-$70,000 = main target ($75,000-$80,000) likely.
In the meantime, ignore short-term pullbacks…”
Looking at altcoins, Capo shares an OTHERS chart, which tracks the market cap of all crypto assets excluding the top 10 digital assets and stablecoins, and aims to gauge the strength of altcoins.
The trader breaks up OTHERS’ market cycle into four main phases including a “pre-altseason” that consists of a downward move and a recovery, followed by a “real altseason” that consists of a shorter correction and a parabolic move to the upside.
According to Capo’s chart, altcoins could be on the verge of the final chapter consisting of big rallies.
At time of writing, OTHERS is valued at $213 billion.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
