A top crypto analyst and trader is predicting a massive Cardano (ADA) surge as he sees the altcoin market flashing signs of strength.
The trader known in the industry as Capo tells his 167,100 followers that he believes Cardano has already bottomed out and is ready to ignite a new uptrend.
“ADA bottom was $1.90 Now all the way up to $10. Long and strong on ADA.”
Capo references a tweet that he posted in August where he accurately predicted that Cardano would drop all to way down to $1.90 before resuming its bull cycle.
“It looks heavy here. Potential correction to $1.85-1.90. Macro view is bullish and it will probably go to $10 or higher this year.”
The crypto trader is using the Elliott Wave theory, a technical analysis approach that forecasts future price action by following crowd psychology that tends to show up in waves. According to Capo’s chart, Cardano’s plunge to $1.90 marks the end of ADA’s corrective phase and the start of a new wave up.
Capo is also bullish on altcoins at large as he believes the entire crypto market will rally in the coming months.
“I repeat: this is just noise in the middle. $30,000-$50,000 [BTC] is a massive accumulation range. The corrections to $42,000, $40,000 or $38,000 [BTC] are gifts. Take them. October-December will be epic, especially for altcoins.”
To support his view on altcoins, Capo is looking at the OTHERS chart, which shows the total market capitalization of the top 125 cryptocurrencies excluding Bitcoin and other major digital assets. According to Capo, the OTHERS chart looks bullish after successfully retesting the area around $235 billion as support.
“Impossible not to be bullish on altcoins.”
As for Bitcoin, Capo believes the king crypto has bottomed out after looking at the order books, which he says is stacked with bids from buyers.
“This looks like a bottom. Huge demand and no supply above. Pump incoming.”
Featured Image: Shutterstock/Liu zishan