The widely-followed crypto strategist, who believes Bitcoin is a (BTCAfter a major liquidation, cryptocurrencies and ) are set for an explosive rise.
Crypto market on Monday witnessed over $1.58 billion in liquidations, mostly levered long positions, within a 24-hour period amid a slew of bearish developments.
Bitcoin fell to its lowest level in three months, $86,141.
After the correctional move, Capo tells He told his Telegram subscribers (119,452) that there is a huge rally in store for the cryptocurrency market.
“A strong bounce seems likely.”
The analyst believes that the rally will occur when there is a “short squeeze”, which happens when the sharp increase in an asset’s price forces those who sold short their position to do so. Selling borrowed shares in the hope that the stock price will drop is short selling.
The trader cautions, however, that when the fuel for the short squeeze runs out in crypto it will most likely lead to a capitulation that opens the door for new records.
“Still thinking we get a strong short squeeze before the bigger drop comes.”
Capo believes that Bitcoin could rally up to $100,000, before capitulating and falling to $80,000. This would set the stage for an all-time record high.
Bitcoin’s value is currently $88,329.
Analyst turns his attention to Ethereum ETH Will follow a similar trajectory before reaching a new record high of $5,000.
“ETH idea.”
The trader seems to be predicting that ETH would soar above $3,000 and then fall below $2,000, setting the stage for a record-breaking surge.
At the time this article was written, ETH traded for $2.481.
The same is true for Solana.SOL(), predicted that the stock would initially rally to $185, then plunge to just $120 and finally reverse to $310.
SOL currently trades at $143.93 as of the time this article was written.
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