A closely-followed crypto trader is revealing his giant price targets for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Polkadot (DOT).
In a new tweet, the pseudonymous trader known as Capo gives his 129,000 followers an initial price target for ADA in the $3.00 to $4.00 range and a staggering long-term target of $30.00.
“Friendly reminder just in case you forgot how bullish ADA looks.”
Based on recent price action following the big crypto correction that began last month, Capo sees a bottom forming in Ethereum (ETH). The trader says he still expects Ethereum to ascend to $10,000 before 2021 expires.
When it comes to Polkadot, Capo compares DOT’s price action to the Nasdaq 100 Index right before it rallied hard in September 2011. Based on Capo’s charts, DOT could continue consolidating before blasting off and hitting his long-term price target.
“DOT to $100.”
As for Bitcoin, Capo is using Elliot Waves to predict a parabolic rally in the coming weeks. The Elliot Wave theory predicts future price action based on crowd psychology that tends to manifest in waves.
Capo says that Bitcoin is currently in the midst of the fourth wave, which indicates a corrective period in a bull market. After the pullback, the trader predicts a massive rally for BTC that falls just short of $230,000 before the end of 2021. The target represents an upside potential of 600% from Bitcoin’s current price of $32,828.
“WXY (red) for the major wave four.”
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Featured Image: Shutterstock/Sergey Nivens