A popular trader who’s building a reputation for his bullish Bitcoin calls says he’s now pivoting to altcoins in anticipation of a big rally.
In a new tweet, the trader known in the industry as Capo tells his 39,100 followers that altcoins now make up 90% of his crypto portfolio.
My portfolio is 90% alts.
— il Capo Of Crypto (@CryptoCapo_) January 16, 2021
Capo is keeping a close watch on the price action of Ethereum against Bitcoin which he says is key to igniting an altseason. The trader predicts that ETH/BTC will rise by over 194% en route to 0.10 from its current level of 0.034.
Capo is also tracking the performance of Cardano (ADA/USD). As the smart contract platform is currently consolidating above $0.39, the trader expects it to rise above $0.97 for gains of nearly 150%.
Another coin that’s on Capo’s radar is Syntropy (NOIA) which he previously said was in a strong uptrend. The trader now believes that the NOIA/USD and NOIA/BTC pairs will never trade below key levels.
“Fourth bold call of the year: NOIA never again below $0.20 or below 500 sats.”
Looking at Polkadot (DOT), the trader expects it to cool off and pullback after the coin more than doubled its value against Bitcoin (BTC) in a matter of days. Capo predicts DOT/BTC will retest support of 0.00033 and build a higher low before taking out resistance of 0.00055 and resuming its uptrend.
While a huge percentage of Capo’s portfolio is in altcoins, he remains extremely bullish on Bitcoin. He believes the leading crypto asset will never go down below a key level.
“Bears really want to see it below $30,000. Reality is that it won’t go below $33,000.”
Although Bitcoin is currently in sideways consolidation, Capo says the bull market is not yet over.
“This is a higher low. All the heatmaps are bullish. Funding reset. Why so bearish?”
Once the correction is over, Capo predicts that BTC can potentially rise to as high as $59,000, representing gains of nearly 70% from its current price of around $35,000.
“Market is giving you another chance to buy under $36k and you’re panicking.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Budimir Jevtic