A closely followed crypto trader predicts that the prices of Bitcoin (BTC) and two popular altcoins will take flight soon.
The pseudonymous analyst known as Kaleo told his 538,000 Twitter followers that Bitcoin is about to rise and is targeting the $22,700 area.
“Some buildup above support after the breakout.
[BTC] It should see another rally to $22,700 soon – it could see some drop around $22,000 on the way.”
At press time, Bitcoin is trading at $20,770, down 2.16% on the day.
Looking at the altcoin market, Kaleo follows the decentralized oracle network Chainlink (LINK) for potential gains. doing. According to the Trader, any price below $10 is a good level to buy LINK.
“The accumulation base for the LINK/USD chart is very clean – while I attribute the breakout of resistance on the higher timeframe to BTC moving more than anything else, I still wouldn’t sacrifice it.
Such movements are typically signs of leaving the BTC trading pair behind.
LINK under $10 feels guilty.”
The popular analyst also predicts that Chainlink is consolidating above a critical resistance in the Bitcoin transaction pair (LINK/BTC), and LINK will significantly outperform Bitcoin.
$LINK / $BTC continuing to slowly grind higher accumulating *above* HTF resistance
probably nothing pic.twitter.com/giL7VP7POH
— KALEO (@CryptoKaleo) November 5, 2022
At press time, LINK is down 5.50% in the last 24 hours at $8.20.
Kaleo is also examining a notable Ethereum (ETH) competitor. The trader says that Avalanche (AVAX) is preparing for major rallies near the $60 level, which is about 223% off current prices.
Kaleo later made a in updateHe added that AVAX has just broken the diagonal resistance line shown in the chart above and is now heading towards its price target. According to the analyst’s forecast, the altcoin rise could slow down a bit, around $30.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.