A popular crypto trader who made a name for himself calling the March BTC bottom is predicting that altcoins are due for a significant correction in the short term.
The pseudonymous crypto trader known in the industry as Capo says they believe altcoins will witness a large inflow of capital, but only after a significant pullback happens.
Over the past day, the overall crypto market dipped by roughly $100 billion, however, Capo emphasizes that they are not quite ready to bet more on altcoins.
“Not buying yet. More blood is coming. Ready to buy the dips.”
One altcoin that Capo is keeping a close eye on amid the crypto volatility is Syntropy (NOIA). The trader bets that the privacy-oriented crypto project is bound to hit $1.00, representing 284.62% increase from its current price of $0.26.
“NOIA – The sleeping giant. $1 is #inevitable.”
The trader tweeted out that they are also bullish on four other altcoins as well: Oracle platform Band Protocol, supply chain management tool VeChain (VET), scalable blockchain platform Elrond (EGLD) and decentralized finance (DeFi) project Fantom (FTM).
Capo tells their 46,800 followers that they expect yet another shakeout after Bitcoin reaches the $59,000-$62,000 range.
“I expect a bigger drop when it reaches $59k-$62k. Now a ‘smaller’ dip to liquidate the late longs.”
As for BTC, the trader suggests that a drop to the $39,000-$40,000 range would be an appealing buy-in level for traders looking to scoop up more of the flagship cryptocurrency.
“Buy zone 2 is more likely.”
Featured Image: Shutterstock/Tithi Luadthong