A crypto analyst who predicted Bitcoin’s big crash to precisely around $ 4,000 earlier this year says a major altcoin rally is brewing.
The pseudonymous strategist, who goes by the name of Capo, tells his 29,000 Twitter followers that a historical analysis of the dominance of Bitcoin from 2019 shows that the share of the top crypto in the total market from the current 65% in the weeks will plummet ahead as capital flows into mid- and small-cap assets.
“I think that Bitcoin dominance will drop to 50% in the coming weeks. This means a HUGE off-season [incoming]. ”
The analyst specifically names XRP as one of the top altcoins to keep an eye on.
He says the third largest crypto asset had a clean break through a symmetrical triangle that formed when it recently hit an annual high of $ 0.76.
In a few weeks’ time, he predicts that the XRP will hit $ 1.00 and that a return to its all-time high will occur once the historical resistance at $ 1.18 is crossed.
The analyst’s latest chart shows that XRP will return to its all-time high of around $ 2.80 in May next year.
The trader remains bullish on Bitcoin after its massive rally to an all-time high of $ 23,642.
“The 2013 ATH outbreak in 2017 was the most similar price action. If BTC Keep following this path, we won’t see it under $ 20,000 again. “
In the short term, Capo thinks BTC could correct to the low $ 22,000 region before bursting again to around $ 24,750.
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Featured image: Shutterstock / KeremGogus