Capo Predicts Rallies For Bitcoin And Ethereum, Updates COTI And FET

According to a cryptocurrency analyst and trader, known as Capo, Bitcoin has only one way to go at this point – up. He also looked into the price action of smart contract platform Ethereum (ETH) and two smaller altcoins, COTI and FET.

Bitcoin (BTC)

Capo shared with his 187.5K Twitter followers that according to his chart, Bitcoin (BTC) has likely printed a local bottom and is ready to surge.

“I’m ignoring the wick for the Elliot Wave count, so this is a simple impulse + ABC correction. Based on this, heatmaps, and fundings… the only way is up.”

$BTC

I'm ignoring the wick for the EW count, so this is a simple impulse + ABC correction.

Based on this, heatmaps, and fundings… the only way is up.

Trade here: https://t.co/1YWbBb6qTE pic.twitter.com/OxmyvCqFKM
— il Capo Of Crypto (@CryptoCapo_) October 31, 2021

Capo relies on the Elliott Wave theory, which is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies impulse waves that set up a pattern and corrective waves that oppose the larger trend. Each set of waves is nested within a larger set of waves that adhere to the same impulse or corrective pattern, which is described as a fractal approach to investing.

In Bitcoin’s case, according to the theory it should be ready to resume its trend after completing an ABC corrective move.

In order to understand the depth of liquidity in the market, Capo uses heatmaps. His reading is that according to the heatmaps show strong demand for Bitcoin.

“Just by looking at some heatmaps, you can tell how bullish things are looking. Demand is very strong and very little supply. I expect $70,000+ soon, and $100,000+ this year.”

$BTC

Just by looking at some heatmaps you can tell how bullish things are looking. Demand is very strong and very little supply.

I expect $70k+ soon, and $100k+ this year.

Trade on PrimeXBT with 50% deposit bonus using the code 'CryptoCapo':https://t.co/1YWbBb6qTE pic.twitter.com/oQGYoYTppx
— il Capo Of Crypto (@CryptoCapo_) October 30, 2021

Ethereum (ETH)

Capo is looking into Ethereum against its Bitcoin pair (ETH/BTC), and believes that on its way to a new all-time high, and to “flip” BTC. Flippening refers to the point where Ethereum’s market cap exceeds that of Bitcoin’s.

“What BTC maxis don’t want to see.”

What $BTC maxis don't want to see pic.twitter.com/HXyW7XiKUQ
— il Capo Of Crypto (@CryptoCapo_) October 30, 2021

Coti (COTI)

Capo is also giving an update on Coti (COTI) – a blockchain platform allowing businesses to develop financial technology products such as stablecoins and payment networks. According to the trader, COTI looks “very bullish” after turning a key resistance into support.

“COTI bouncing from support (previous all-time high).”