The crypto analyst who accurately predicted Bitcoin’s crash this year says he expects BTC to rally in the coming days.
The pseudonymous analyst known in the industry as Capo tells his 521,100 Twitter followers that Bitcoin has broken out of its diagonal resistance on the lower timeframe and is now en route to his target at $23,000.
Capo also says that the breakout took place as BTC was able to print a local bottom due to selling volume dying off.
Says the crypto strategist,
“Added more to this BTC trade. Risk/Reward = 2.75.
Total risk on this trade = 3%. Total risk of my portfolio (BTC+ETH) = 5% .USDT = 95%.”
While Capo says his short-term prediction for an imminent Bitcoin rally looks good, the chart above suggests a steep correction for BTC after the king crypto meets resistance at $23,000.
At time of writing, Bitcoin is swapping hands for $20,019, flat on the day.
Looking at Ethereum, the crypto analyst also predicts a near-term rally for ETH, which he says will likely be fueled by bears who are attempting to short sell the second-largest digital asset by market cap.
Bears shorting support. Time to destroy them.”
Based on Capo’s chart, he expects Ethereum to rally to $1,788 by September 21st before retracing back below $1,500 the next day. At time of writing, Ethereum is trading for $1,452, more than 23% away from Capo’s price target.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Iggy Nyx