A closely followed crypto analyst has laid out how he thinks Bitcoin (BTC), Ethereum (ETH) and two other altcoins will bottom out and reverse into bull trends.
The pseudonymous analyst known as Capo gives his 232,000 Twitter followers the potential bottoms on BTC and ETH, plus smart contract platforms Solana (SOL) and Cardano (ADA).
Looking at Bitcoin, the analyst says that he’s expecting a scenario where BTC dives down slightly below $40,000 before bouncing sharply and reclaiming the $50,000 level again.
“Expecting something like this for the bottom formation
Blue line is $40,000″
According to Capo, the current price range for Bitcoin is presenting what will ultimately be one of the most prime trade entries of 2022.
“I’m buying between $40,000-$45,000. This is one of the best buying opportunities for this year, by far.
Consolidation below $40,000 would prove me wrong.”
As for Cardano, Capo thinks ADA will continue dipping below current prices and end up around the $1.00 range before reversing its trend.
“ADA breaking support and going straight to the buy zone.”
While the crypto trader’s outlook on Cardano may seem bearish, his longer term forecast is more bullish than most. Last month, Capo offered a Cardano prediction that puts ADA 600% higher than current prices. He says that if ADA can hold the $1.00 level, then a rally to $10 this market cycle is fathomable.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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