A widely followed crypto analyst says that the top crypto by market cap may be on the verge of an explosive breakout.
In a new post on Telegram, pseudonymous crypto strategist Crypto Capo tells his 122,005 subscribers that Bitcoin (BTC) may be heading another leg up if the top digital asset by market cap can break through the $85,000 resistance level.
“BTC trying to reclaim $85,000 again. That would be a very clear sign of strength and after that, we should see bullish continuation towards the $90,000 levels.”
The analyst previously warned Bitcoin may print a dead cat bounce price pattern, a term used in finance to describe a small, brief recovery in the price of a declining asset.
“Altcoins keep showing strength, and BTC is still trading at $83,000-$84,000. Target for the DCB (dead cat bounce) is $92,000-$98,000.”
Bitcoin is trading for $84,392 at time of writing, flat on the day.
The analyst also says he is leaning bullish on the graphics processing unit (GPU) rendering network altcoin Render (RENDER).
“Strong bounce from the same main support. If it reclaims the $4.25 level, then the main target of $6-$7 should be next.”
Render is trading for $3.93 at time of writing, down 1% in the last 24 hours.
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