A closely followed crypto strategist is predicting epic rallies for Polkadot (DOT) in 2022 while expecting a sharp recovery for Bitcoin (BTC).
Pseudonymous trader Capo tells his 220,800 Twitter followers that he sees interoperable blockchain Polkadot surging by as much as 2,471% from its current price of $26.25 by May next year.
“DOT chart hasn’t changed, still same bias and targets.”
Capo came up with his prediction using the Elliott Wave theory, a technical analysis approach that forecasts future price action by following crowd psychology that tends to manifest in waves. According to Capo’s chart, DOT is gearing up for a strong wave three rally to $250 before a massive correction that puts Polkadot in a position to ignite a wave five surge to $675.
Looking at Bitcoin (BTC), Capo believes that the bottom is in for the leading crypto asset.
“These two corrections are very similar.
– Same 3 wave move pattern
– Same bottom formation (3 touches)
– Same funding+premium negative rates
– Same hidden bearish divergence before the last leg down.”
According to Capo’s chart, Bitcoin’s corrective move to below $46,000 on December 13th puts BTC in a position to rally above $60,000.
As for Ethereum (ETH), the crypto analyst is bullish on the leading smart contract platform as long as it avoids a weekly close below $3,900.
“ETH has been forming a perfect uptrend with consecutive higher lows since the March 2020 crash, and now it’s retesting the previous highs as support. This is very bullish.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
