A popular trader who is building a reputation for his bullish bitcoin calls says he is now focusing on altcoins in anticipation of a big rally.
In a new tweet, the trader known in the industry as Capo tells his 39,100 followers that Altcoins now make up 90% of his crypto portfolio.
My portfolio consists of 90% alts.
– il Capo Of Crypto (@CryptoCapo_) January 16, 2021
Capo is closely monitoring the price movement of Ethereum versus Bitcoin, which he believes is key to triggering an off-season. The trader predicts that the ETH / BTC will increase by over 194% from the current 0.034 to 0.10.
Capo is also tracking Cardano (ADA / USD) performance. With the smart contract platform currently consolidating above $ 0.39, the trader expects to see it climb above $ 0.97, which is almost a 150% gain.
Another coin on Capo’s radar is Syntropy (NOIA), which he previously said is in a strong uptrend. The trader now believes that the NOIA / USD and NOIA / BTC pairs will never trade below the key levels.
“Fourth bold appeal of the year: NOIA never again below $ 0.20 or below $ 500. “
Turning to Polkadot (DOT), the trader expects it to cool down and pull back after the coin more than doubled its value against Bitcoin (BTC) in a matter of days. Capo predicts that DOT / BTC will retest the 0.00033 support and build a higher low before removing the 0.00055 resistance and resuming the uptrend.
“POINT/ BTC. ”
While a large percentage of Capo’s portfolio is in altcoins, he remains extremely optimistic about Bitcoin. He believes the leading crypto asset will never fall below a key level.
“Bears really want to see it under $ 30,000. The reality is it won’t go below $ 33,000. “
Although Bitcoin is currently consolidating sideways, the bull market is not over yet, according to Capo.
“This is a higher low. All heat maps are bullish. Provision of financing. Why so bearish? “
Once the correction is complete, Capo predicts that BTC could potentially rise as high as $ 59,000, a gain of nearly 70% from the current price of around $ 35,000.
“The market is giving you one more chance to buy under $ 36,000 and you’re panicking.”
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Featured image: Shutterstock / Budimir Jevtic