A prominent crypto trader and market analyst is betting big on Cardano and Bitcoin, expecting the two crypto assets to lead the way in a new bull run.
The pseudonymous trader, known as Capo, tells his 142,700 Twitter followers that Bitcoin (BTC) looks ready to launch after breaking out of a two-month accumulation phase below $40,000.
“Accumulation complete with the last LPS [last point of support].
UP ONLY season is here. Enjoy the ride.”
Looking at his roadmap for the king crypto asset, Capo compares BTC’s current price action to the brief accumulation phase seen in September 2020, shortly before it broke out above $11,000.
The trader expects Bitcoin to rally to $50,000 before taking one more step down to accumulate around $40,000 and pushing beyond the $50,000 mark.
“BTC roadmap
50 thousand -> 40-41 thousand -> consolidation above 50 thousand -> New ATHs [all-time highs]”
Moving on to Cardano (ADA), Capo suggests that ADA looks stronger than Ethereum (ETH) over the next few weeks.
“ADA/ETH
I prefer holding more ADA than ETH over the next few weeks.
Last bullish confirmation above 57 thousand satoshis”
Finally, Capo analyzes Ethereum against Bitcoin (ETH/BTC).
The trader thinks the second-largest crypto has the potential to outperform Bitcoin and could even flip BTC for the top position, assuming the crypto markets catch another bullish wave.
“ETH/BTC
If we get the 5th wave in the entire market, Ethereum will probably outperform Bitcoin, and the flippening will be likely.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/vectorpouch
Credit: Source link
