dailyhodl.com
A popular cryptocurrency analyst and trader is naming an altcoin that could surge over 7,000% while saying that Bitcoin (BTC) may have hit a bottom.
Starting with BTC, the crypto trader pseudonymously known as Capo tells his 222,200 Twitter followers that the flagship cryptocurrency is encountering a large number of buy orders on crypto exchange Bitfinex.
According to Capo, heavy buying on Bitfinex is an indication that Bitcoin has hit a key support level.
“Bitfinex massive buying wall is still there.
This has usually been a bottom signal.”
According to Capo’s chart, Bitfnex users are posting large buy orders between $45,000 and $44,000. At time of writing, Bitcoin is trading at $45,900.
Turning to Hathor (HTR), Capo says that the little-known crypto asset’s fundamentals are “really good.” Hathor, whose native token is currently ranked 210th by market cap, is a scalable fee-less blockchain designed for real-world tokenization use cases.
Applying the Elliott Wave theory, the crypto analyst and trader predicts a staggering 7,146% for HTR to above $100 by the second quarter of 2022.
“HTR
Perfect parabolic formation, and wave three looking ready to extend.
I can see this one passing $100 if everything goes as expected.
Fundamentals are really good.”
The Elliott Wave theory is a technical analysis approach that forecasts future price action by following the psychology of market participants to tends to manifest in waves.
According to Capo’s chart, HTR is gearing up to launch a massive wave three rally to around $40 followed by a deep correction before a parabolic wave five surges to above $100 to end its cycle.