A popular and closely followed crypto analyst and trader among the crypto community. Polkadot (DOT) He says he is ready to rise into the stratosphere and that another altcoin will continue to rise.
The trader, known in the industry as Capo, tells his 201,300 Twitter followers that interoperable blockchain Polkadot is poised to explode after turning the $46 resistance into support.
“$100 is coming.”
The cryptocurrency strategist bases his prediction on Elliott Wave theory, a technical analysis approach that predicts future price action by observing 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.
Capo is also a decentralized machine learning platform Fetch.ai (FET) is also following closely. According to the crypto strategist, FET looks set to rally after retesting $0.84 as support.
“The FET is testing the previous range peak once again. It will take off soon.”
Looking at Bitcoin, Capo says that king crypto has probably bottomed out, creating an inverse head and shoulders pattern that is bullish on lower timeframes.
“BTC, kind of reverse head and shoulders[baş ve omuzlar] goes straight to ascension confirmation.”
An inverted head and shoulders formation is a technical pattern that indicates the end of an asset’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 the trader’s scenario, he predicts a massive rally that takes BTC to six-figure prices.
“Consolidation above $65250 – $65500 will be bullish confirmation. In my opinion, quite likely. The run to $100,000 begins when we get bullish confirmation.”
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.