dailyhodl.com
A crypto analyst who accurately predicted Bitcoin’s big crash to about $4,000 earlier this year says a big altcoin rally is brewing.
The pseudonymous strategist, who goes by the name Capo, tells his 29,000 Twitter followers that a historical analysis of Bitcoin’s dominance dating back to 2019 indicates the top crypto’s share of the overall market is set to nosedive from its current levels of 65% in the weeks ahead, as capital flows to mid and small-cap assets.
“I think Bitcoin dominance will drop to 50% in the coming weeks. This means HUGE altseason [incoming].”
The analyst specifically calls out XRP as one of the main altcoins that he’s keeping an eye on.
He says the third-largest crypto asset has had a clean break through a symmetrical triangle that formed when the crypto asset hit its recent yearly high of $0.76.
In a matter of weeks, he predicts XRP will be at the $1.00 mark, and a return to its all-time high will happen once it surpasses historical resistance at $1.18.
The analyst’s latest chart shows XRP returning to its all-time high of about $2.80 in May of next year.
The trader remains bullish on Bitcoin after its massive rally to an all-time high of $23,642.
“2013 ATH breakout in 2017 was the most similar price action. If BTC keeps following that path, we won’t see it below $20,000 again.”
In the short-term, Capo believes BTC may correct to the low $22,000 region before once again bursting to about $24,750.
Featured Image: Shutterstock/KeremGogus