A well-known crypto trader who correctly predicted the 2022 market crash is now predicting a major breakout for Bitcoin and altcoins.
Bitcoin Breakout Incoming?
The trader, known as Capo, believes the recent Bitcoin (BTC) bounce was just a “test pump” and the real rally is yet to come. He says that a convincing break above $62,000, which Bitcoin has already achieved, could lead to a move towards the $70,000 range.
Capo says a clean break above $69,000 could even push Bitcoin towards his main target of $75,000 to $80,000. He advises traders to ignore any short-term dips in the market.
Altcoins Poised for Big Gains
Capo is also bullish on altcoins. He uses a chart called “OTHERS” which tracks the market cap of all crypto assets except the top 10 and stablecoins. This chart shows that altcoins could be on the verge of a major rally.
Capo breaks down the altcoin market cycle into four phases. The current phase, according to his chart, is the final chapter, which is characterized by big rallies.
Disclaimer
It’s important to remember that this is just one trader’s opinion. Crypto markets are volatile and unpredictable, and past performance is not indicative of future results. Do your own research and invest at your own risk.
