The pseudonymous crypto trader who nailed Bitcoin’s collapse this year is forecasting brief rallies for BTC, Stellar (XLM) and Litecoin (LTC) prior to the resumption of their downtrend.
Capo tells his 549,100 Twitter followers that he expects a rally for these digital assets leading up to Thursday’s scheduled release of the Consumer Price Index (CPI) report.
Capo says BTC could rally to as high as $21,000 but is predicting a collapse following the report’s issuance.
“No updates = no changes… I will reevaluate later, but still expecting a pump on the market before next CPI data. $21,000 is likely for BTC before new lows.”
Traders keep a watchful eye on CPI reports as they provide insights on whether the Federal Reserve will continue hiking interest rates.
As of writing, BTC is trading at $19,044, down over 2% on the day.
Capo also has his radar locked on XLM, the crypto asset designed to act as a bridge between two fiat currencies when sending money abroad. According to the analyst, he sees XLM rallying to as high as $0.167 before losing about 50% of its value.
“XLM long update.
Price starting to move.”
As of writing, XLM is valued at $0.122, a 4.20% decrease on the day.
Next up is peer-to-peer payments network Litecoin, which Capo sees rallying over 12% toward his target of $58.
Litecoin is swapping hands for $51.77 at time of writing, an over 4% dip in the past day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Generated Image: DALLE-2