A closely followed crypto analyst, Capo, says that Polkadot (DOT) is poised to hit the stratosphere and the uptrend could continue in another altcoin project.
Analyst assesses Polkadot’s (DOT) $100 target
The trader, nicknamed Capo in the industry, says the interoperable Blockchain is poised to rise after Polkadot turns resistance at $46 to support. According to the analyst, this rise could lead the DOT to reach its target of $100. Capo shares his technical chart:
The crypto strategist makes his prediction based on Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest in waves. Looking at Capo’s chart, Polkadot appears to be in the middle of a third-wave rally, which is the longest in the theory’s five-wave uptrend.
The next altcoin to continue the rally: Fetch.ai (FET)
Capo is also closely following the decentralized machine learning platform Fetch.ai (FET). According to the crypto strategist, FET looks set to recover after retesting $0.84 as support. Capo adds that the uptrend is imminent:
FET Test again higher than previous range. It looks set to take off soon.
Capo expects 6-digit prices from Bitcoin
cryptocoin.com Looking at Bitcoin (BTC), Capo says that the leading crypto has probably bottomed out and created a bullish reverse head and shoulders pattern on lower timeframes.
BTC is heading straight for bullish confirmation with a kind of upside (head and shoulders).
The inverse head and shoulders pattern is a technical pattern that indicates the end of a crypto’s downtrend. According to Capo’s chart, Bitcoin must gain resistance above $65,000 and retest it as support to confirm the uptrend. If Bitcoin follows this scenario, Capo says he expects a massive rally to six-digit prices:
Consolidation above $65250 – $65500 will be bullish confirmation. It’s likely in my opinion. Once we get the bullish confirmation, the run to $100,000 begins.
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