Capo Predicts Fast Recovery For Bitcoin And A Huge Uprise For Altcoin Market
A prominent cryptocurrency analyst and trader, known as believes that Bitcoin (BTC) will make a fast recovery, and that altcoin market in general is going to stage a massive rally.
Bitcoin (BTC)
Capo shared with his 218.4K followers on Twitter that he thinks Bitcoin price is now ready rise fast in the coming as funding rates turned negative due to the most recent correction.
A negative funding rate implies a bearish market positioning, meaning that traders are short on Bitcoin or are heavily betting that BTC will continue the correction, which is a bearish sentiment.
If Bitcoin goes up, traders who are short on the digital asset will be forced to close their positions and buy higher, leading to a strong surge or a short squeeze.
The analyst also says as long as funding remains negative, a V-shaped recovery or a sharp rise in BTC’s value is on the table.
In a tweet Capo also points out that BTC’s most recent correction looks very similar to the Covid-19-induced crash back in March 2020.
According to Capo, the OTHERS chart, which keeps score on the performance of the top 125 crypto assets other than Bitcoin, is still trading within a parabolic trajectory.
The analyst predicts on the chart that the valuation of the top 125 largest crypto assets (excluding Bitcoin) will grow above $3 trillion during the next year to come.
Capo shared with his Twitter followers that he is currently “all-in altcoins” and especially he’s closely following on altcoins that are making a fast recovery from the crash.
“Those are the ones that will surely perform better in the coming weeks.”
Pay attention to those coins that are recovering better after the crash. Those are the ones that will surely perform better in the coming weeks.
