Capo Predicts A Huge 2022 For Polkadot And Rapid Recovery For Bitcoin
A popular cryptocurrency analyst and trader, known as Capo, predicts huge rallies next year for Polkadot (DOT) and that Bitcoin (BTC) will make a rapid recovery.
Polkadot (DOT)
Capo shared with his 220K followers on Twitter that his target level for Polkadot for next year May is at $650-$675, representing over 25X rise current price level of $26.
“DOT chart hasn’t changed, still same bias and targets.”
In his predictions Capo relies on Elliott Wave theory, a technical analysis approach that forecasts future price action by following crowd psychology that manifests in waves.
In his chart, DOT is looks to make a strong wave three rally to $250 in March, then correct in wave four to around $130, before launching a wave five rally to $675.
Bitcoin (BTC)
Capo is also looking into Bitcoin (BTC). He compares the latest correction with the previous one back in September, and says that the patterns look a like.
“These two corrections are very similar.
– Same 3 wave move pattern
– Same bottom formation (3 touches)
– Same funding+premium negative rates
– Same hidden bearish divergence before the last leg down.”
Looking at the analyst’s chart, BTC’s corrective move to below $46,000 on December 13th puts BTC in a position to rally above $60,000 before the end of 2021.
Ethereum (ETH)
Capo remains bullish on Ethereum (ETH), as long as it closes the weekly candle above $3,900.
“ETH has been forming a perfect uptrend with consecutive higher lows since the March 2020 crash, and now it’s retesting the previous highs as support. This is very bullish.”
$ETH has been forming a perfect uptrend with consecutive higher lows since the March 2020 crash, and not it's retesting the previous highs as support.
