A widely followed crypto analyst says Bitcoin (BTC) may make an explosive move to the upside before a bearish reversal.
In a new post on the instant messaging app Telegram, pseudonymous crypto strategist Crypto Capo tells his 122,084 subscribers that Bitcoin may hit $98,000 before plummeting in value.
However, the analyst says as long as Bitcoin holds $88,000 as support, the flagship crypto asset will likely remain in an uptrend.
Looking at other digital assets, the analyst predicts that Ethereum (ETH) may increase 30% of its current value before correcting and that Solana (SOL) may increase 33% of its current value before correcting. He also believes other altcoins may double in value.
“As long as Bitcoin stays above $88,000 (ideally above $90,000), a final bullish move is likely before a strong reversal.
Some levels I’m watching to start taking profits:
- BTC: $95,000-$98,000.
- ETH: $2,000-$2,300.
- SOL: $170-$200.
- Altcoins: 30%-100% higher on average, depending on the coin.”
The analyst shares a chart that warns the flagship crypto asset may have a severe correction to $60,000 after first tapping $98,000.
“Shorting here makes no sense at all. I’ll be looking at the $94,000-$95,000 zone for potential shorts, but for now, the smart move is staying net long.”
Bitcoin is trading for $93,376 at time of writing, up marginally in the last 24 hours.
Meanwhile, at time of writing, ETH is trading for $1,759, down 1.8% in the last 24 hours, while Solana is trading for $150, flat on the day.
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