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.
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.Check Price Action
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Veronika Yeroshenko/Vladimir Sazonov