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.
[adinserter block="1"]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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