A top crypto trader who grew his following after accurately predicting last year’s largest Bitcoin crash is keeping his eye on five altcoins.
The overall crypto market plunged this week, losing roughly $1 billion in value, but the analyst known in the industry as Capo says he’s remained calm.
In a series of tweets, Capo explains to his 66,000 followers why he is still bullish on Bitcoin and the overall market.
“BTC. I don’t understand the panic. This has always been a possibility. Hidden bullish divergences are already there. Could it go a little lower ($50,000)? Of course, but the plan is exactly the same. I’M NOT SELLING…
Open interest down + price down DURING bull trends is bullish. Healthy retracements (shakeouts).”
Source: il Capo
The trader notes that Bitcoin is likely testing $50,000 as support, and expects the king coin to recover and pass the $80,000 level in the coming weeks.
“Funny thing is that we are testing $50,000 as support. Think about it… I’m not **** selling. Within a few weeks the price will pass $80,000, altcoins will fly, and you will regret having sold here.
The bounce will be epic. Bull market is not over. Remember these words.”
As the market prepares for a bounce, Capo is also bullish on Ethereum (ETH), Syntropy (NOIA), Phala Network (PHA), Reserve Rights (RSR) and Paypolitan (EPAN).
The trader believes that the second largest crypto asset by market cap is currently in an accumulation phase, possibly readying itself for a rally.
Reaccumulation tbh. pic.twitter.com/GSYyS8PRLn
— il Capo Of Ethereum (@CryptoCapo_) March 22, 2021
As for RSR and EPAN, the trader notes that their charts are right on track for a wildly bullish April that could send the tokens parabolic.
Capo also named NOIA as one of the top projects in the space, adding that his NOIA “bags are ready” as he loads up on PHA during the dip.
Featured Image: Shutterstock/Tursunbaev Ruslan