A top crypto analyst and trader suggests that the altcoin market is showing strong signs and therefore predicts a massive Cardano (ADA) surge.
Crypto strategist known in the industry as Capo; He tells his 167,100 followers that he believes Cardano has already hit bottom and is ready to ignite a new uptrend.
“ADA has bottomed out at $1.90. Now it will go up to $10.”
Capo is referring to a tweet he published in August that proved correct that Cardano predicted it would drop to $1.90 before continuing its bull cycle:
“This place looks troublesome. A potential correction is possible at $1.85-1.90. The macro outlook is bullish and will likely reach $10 or higher this year.”
The crypto trader uses Elliott Wave theory, a technical analysis approach that predicts future price action by observing crowd psychology, which tends to present itself in waves. According to Capo’s chart, Cardano’s drop to $1.90 marks the end of ADA’s correction phase and the start of a new uptrend.
Capo is also bullish on altcoins in general and believes the global cryptocurrency market will recover in the coming months.
“I repeat: this was only a temporary situation. at $30,000-50,000 [BTC] There is an enormous range of collections available. Corrections to the $42,000, $40,000 or $38,000 levels are your opportunity. Take advantage of them. October-December will be especially epic for altcoins.”
To support his view on altcoins, Capo looks at the OTHERS chart, which shows the total market cap of the top 125 cryptocurrencies excluding Bitcoin and other major digital assets. According to Capo, the OTHERS chart turned bullish after successfully retesting the $235 billion area as support.
“It is impossible not to be bullish on altcoins.”
When it comes to Bitcoin; Capo concludes that the crypto king has bottomed out after examining order books, which he says are filled with offers from buyers.
“This looks like a bottom. There is high demand above but no supply. A pump is on its way.”
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.