A trader who accurately predicted a crypto crash in late 2022 says the next uptrend in digital assets will be a “real” breakout that will send markets to new highs.
A trader with the pseudonym Capo told his 101,000 Telegram subscribers that the recent Bitcoin (BTC) rally was a “test pump” and that a real rally is coming.
“That was a pump to clear the liquid from above. The next pump will be the real breakthrough.”
Capo said that if there is a clear break of the $62,000 level, with BTC currently trading at $64,201, there is a high chance that it will continue into the $70,000 range.
“BTC – Simply put
– First bullish confirmation: Full recovery of $62,000 = $69,000-$70,000 may be possible.
– Second bullish confirmation: High probability of full recovery of $69,000-$70,000 = Main target ($75,000-$80,000)
In the meantime, ignore the short-term pullbacks…”
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 altcoin strength.
Traders divide the OTHERS market cycle into four main phases, including the “pre-altseason” consisting of a downtrend and recovery, and the “real altseason” consisting of short corrections and upward parabolic moves.
According to Capo’s chart, the altcoin may be in the final stretch of a major rally.
At the time of writing, OTHERS was valued at $213 billion.
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