A widely followed cryptocurrency trader is urging traders to be cautious about an altcoin that has skyrocketed to a new all-time high this year.
Despite Aptos’ (APT) “absolutely insane” triple-digit percentage point increase over the last two weeks, the pseudonymous analyst Kaleo tells his 559,500 Twitter followers that the smart contract-enabled blockchain is likely to sell off against the US dollar.
According to Kaleo, Aptos is also likely to sell off heavily when paired against Bitcoin (BTC) as the flagship crypto forms a “god candle,” or an upside move that will result in the largest candle ever formed on its chart.
“As insane as the move has been, I’d give it a high likelihood this sells off heavily into a BTC god candle out of its current range…
At least in terms of its BTC pair, wouldn’t be shocked to even see a slight selloff in terms of USD on a massive BTC move.”
Aptos opened the year at $3.45 and hit a new all-time high of $19.47, a staggering 464% rise. The crypto asset, which officially launched in October of 2022 and is currently ranked 28th by market cap, has since stabilized and is trading at $18.20 at time of writing.
Earlier this week, Kaleo predicted that Bitcoin is likely to outperform altcoins. While he doesn’t see the current Bitcoin rally leading to a new all-time high, Kaleo says that the flagship crypto asset could hit up to $45,000 before falling to below $30,000 later in 2023.
“I’ve never been so bullish on Bitcoin in my life for a window of what I think will happen over the next several weeks than I am right now.
I don’t think this rally leads to new all-time highs (more likely top out and distribute in the $40,000 – $45,000 range for a couple of months before retracing back to the mid to high $20,000s later this year), but I really think it’s about to accelerate rapidly.
Just really do believe we’re due for a massive god candle sometime in the near future.”
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