A widely followed crypto strategist and trader is predicting an impending Bitcoin rally while offering his outlook on smart contract platform Ethereum (ETH) and two more altcoins.
The pseudonymous trader Capo tells his 187,500 Twitter followers that Bitcoin (BTC) has likely printed a local bottom and is now gearing up to ignite a rally.
“I’m ignoring the wick for the Elliot Wave count, so this is a simple impulse + ABC correction. Based on this, heatmaps, and fundings… the only way is up.”
The trader is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants that manifests in waves. According to the theory, the asset is ready to resume its trend after completing an ABC corrective move.
Capo is also looking at the heatmap tool to determine the depth of liquidity in the market. According to the crypto strategist, the heatmap shows Bitcoin buyers are eager to hop on the king crypto.
“Just by looking at some heatmaps, you can tell how bullish things are looking. Demand is very strong and very little supply. I expect $70,000+ soon, and $100,000+ this year.”
Looking at Ethereum, Capo is mapping out its path against Bitcoin (ETH/BTC) en route to a new all-time high.
“What BTC maxis don’t want to see.”
The crypto strategist is also updating his outlook on Coti (COTI), a blockchain platform allowing businesses to develop financial technology products such as stablecoins and payment networks. Capo says COTI looks “very bullish” after converting a key resistance into support.
“COTI bouncing from support (previous all-time high).”
The last coin on the trader’s radar is decentralized machine-learning network Fetch.ai (FET).
Capo predicts FET will surge above $1 in the short-term, marking a potential upside of at least 26% from its current value of $0.79.
“FET going as expected.”
Featured Image: Shutterstock/Mia Stendal/nsimsek0/Vladimir Sazonov