dailyhodl.com
A widely followed cryptocurrency trader who accurately predicted Bitcoin’s (BTC) collapse to under $30,000 in 2022 is naming a blue-chip altcoin that he thinks possesses big upside potential.
The trader pseudonymously known as Capo tells his 841,700 followers on the social media platform X that if Polkadot (DOT) manages to stay above a key support level at $6, the Ethereum (ETH) competitor could skyrocket as much as 172% from its current levels.
“DOT.
Currently at major support again, after being rejected from resistance. If this support holds, we should see a move up to the same resistance ($10 to $11) and if this level is broken, then it should reach $15 to $17.”
Polkadot is trading at $6.25 at time of writing.
According to Capo, his bullish thesis for Polkadot is bolstered by the crypto project’s progress.
“Some strong fundamentals for Polkadot:
– Polkadot 2.0
– Parachains
– Polkadot gaming (migration of Mythical Games)
– AI (artificial intelligence) integrations like Phala Network (PHA).”
Polkadot 2.0 refers to the key changes the network has introduced to enhance functionality and efficiency. Phala Network (PHA) is an artificial intelligence co-processor for blockchains.
Meanwhile, web3 gaming developer Mythical Games announced plans to pivot from Ethereum to Polkadot months ago.
Turning to Bitcoin, Capo says that the flagship crypto asset is at an “interesting support zone” where it could form the base for an upside move.
“There is strong demand at $59,000 to $61,000 and indicators look mostly bullish, so a bounce is likely. If BTC breaks the $65,000 resistance, I’d be looking for $68,000 to $69,000 as the first target, and $74,000 to $75,000 as the second target.”
Bitcoin is trading at $60,877 at time of writing.
Generated Image: DALLE3