Analyst Predicts Altcoins Have Hit Bottom and Foresees Record-Breaking Bitcoin Rally Ahead

A market analyst who accurately predicted the crypto market downturn in 2022 now believes that the market is on the verge of experiencing significant upward movements. Known as Capo, the analyst, with a substantial following on the social media platform X, has expressed optimism about the future of Bitcoin and alternative cryptocurrencies following Bitcoin’s resurgence above the critical $60,000 mark.

Capo highlighted the recent performance of Bitcoin, stating, “BTC is pumping, especially after reclaiming $60,000-$61,000.” Additionally, he noted that altcoins appear to have established a local bottom, indicating potential further upside in the market. Capo shared, “In my opinion, the best is yet to come.”

Delving deeper into Bitcoin’s prospects, Capo pointed out on the messaging platform Telegram that Bitcoin seems primed to surpass $73,200 after breaching the $65,000 resistance level. He emphasized, “We should expect higher prices, with the main target being the upper liquidity zone (red zone).” Currently, Bitcoin is trading at $67,339.

Shifting focus to altcoins, Capo directed attention to the OTHERS chart, which monitors the total market capitalization of cryptocurrencies excluding the ten largest digital assets and stablecoins. According to Capo, the altcoin market is set to witness further rallies after OTHERS successfully turned resistance at $240 billion into support.

Capo elaborated on the altcoin market, stating, “Nice bounce from the blue zone.” He added, “Now the next step is a clean reclaim of the green zone, starting with bullish price action above the blue line. That would be a sign of strength.” At present, OTHERS is valued at $242.914 billion.

Furthermore, Capo highlighted his positive outlook on the native asset of the Artificial Superintelligence Alliance (FET), a project resulting from the amalgamation of three AI-focused protocols – Fetch.ai, Singularitynet, and Ocean Protocol. Capo expressed bullish sentiments towards FET after it successfully tested the $1.25 level as a support level.

As Capo succinctly put it, “A chart is worth a thousand words.” Currently, FET is valued at $1.46.

In conclusion, it seems that Capo’s analysis points towards a potentially bullish trend in the crypto market, with both Bitcoin and altcoins showing promising signs of upward momentum. Investors and enthusiasts alike will be closely monitoring these developments in the ever-evolving landscape of digital assets.