An analyst who accurately called the 2022 crypto collapse believes that digital assets are close to entering a period of sustained rallies.
Pseudonymous analyst Capo tells his 909,000 followers on the social media platform X that he sees the resurgence of bullish momentum in crypto.
However, the analyst notes that his prediction will come to fruition only after a significant correction.
“Potential last 5%-15% shakeout, before the ‘up only season’ begins.
Just don’t get shaken out.”
Capo also tells his 114,604 subscribers on his Telegram channel that he’s building a hedge position in line with his expected correction. Hedging is a risk-management strategy where traders open new positions designed to offset the potential losses of their existing investments.
Looking at Solana (SOL), the analyst shares a chart suggesting that the large-cap crypto asset would plunge toward the $220 price level before sparking a rally to a new all-time high of $320.
At time of writing, SOL is trading for $250.
As for Ethereum (ETH), the trader sees the leading altcoin retracing to its “main support” area before surging to a new all-time high close to $5,000.
“This is how it would look. Same as before, but adding the potential last shakeout, which would test the $2,800-$3,000 support again.”
Based on the trader’s chart, he seems to predict that altseason will begin once Ethereum ignites its run to a new record high. At time of writing, ETH is worth $3,329.
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Generated Image: Midjourney
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