The next move higher in digital assets will be the “real” breakout that takes markets to new highs, according to a trader who accurately predicted the late-2022 cryptocurrency crash.
The pseudonymous trader known as Capo tells his 101,000 Telegram followers that the recent rally in Bitcoin (BTC) was a “test pump,” with the real rally yet to come.
“It was a pump to clean up the liquidity from above. The next pump should be the real break.”
Capo says a convincing break of the $62,000 level – which has potentially occurred with BTC currently trading at $64,201 – will likely lead to a continuation towards the $70,000 range.
“BTC – Taking things simply
– First bullish confirmation: net rise to $62,000 = $69,000 to $70,000 probable.
– Second bullish confirmation: clear rise from $69,000 to $70,000 = main target ($75,000 to $80,000) likely.
In the meantime, ignore short-term declines… »
When it comes to altcoins, Capo shares an OTHERS chart, which tracks the market cap of all crypto assets excluding the top 10 digital assets and stablecoins, and aims to gauge the strength of altcoins.
The trader divides the OTHERS market cycle into four main phases, including a “pre-altseason” which consists of a downward move and recovery, followed by a “true altseason” which consists of a shorter correction and a parabolic move upward.
According to Capo’s chart, altcoins could be about to enter the final chapter of major rallies.
At the time of writing, OTHERS is valued at $213 billion.
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Image generated: Midjourney
