A crypto analyst who accurately predicted Bitcoin’s big crash to about $4,000 earlier this year says a big altcoin rally is brewing.
The pseudonymous strategist, who goes by the name Capo, tells his 29,000 Twitter followers that a historical analysis of Bitcoin’s dominance dating back to 2019 indicates the top crypto’s share of the overall market is set to nosedive from its current levels of 65% in the weeks ahead, as capital flows to mid and small-cap assets.
“I think Bitcoin dominance will drop to 50% in the coming weeks. This means HUGE altseason [incoming].”
The analyst specifically calls out XRP as one of the main altcoins that he’s keeping an eye on.
He says the third-largest crypto asset has had a clean break through a symmetrical triangle that formed when it hit a recent yearly high of $0.76.
In a matter of weeks, he predicts XRP will be at the $1.00 mark, and a return to its all-time high will happen once it surpasses historical resistance at $1.18.
The analyst’s latest chart shows XRP returning to its all-time high of about $2.80 in May of next year.
The trader remains bullish on Bitcoin after its massive rally to an all-time high of $23,642.
“2013 ATH breakout in 2017 was the most similar price action. If BTC keeps following that path, we won’t see it below $20,000 again.”
In the short-term, Capo believes BTC may correct to the low $22,000 region before once again bursting to about $24,750.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KeremGogus