While bitcoin Price hit a six-day high at $43,000, most altcoins showed impressive gains on a daily scale. ETH gained a pace above $3,150 and briefly spiked above $3,250. XRP was able to gain strength above $0.75, while ADA broke the $1.20 resistance zone.
Is the crypto market back on track or bears gain control again?
Capo, a pseudonymous analyst, informs his 232,000 Twitter followers about possible bottoms in Bitcoin and Ethereum, as well as smart contract platforms Solana (SOL) and Cardano (ADA).
When it comes to Bitcoin, the expert predicts a scenario in which BTC drops below $40,000 before rebounding strongly and reclaiming the $50,000 mark.
According to Capo, the current price range for Bitcoin represents one of the most promising trade opportunities for 2022. The trader sees a buying opportunity between $40,000 and $45,000 calling it one of the best purchasing chances of the year.
Bitcoin Price started to recover after a close above $41,500 and surged above the $42,500 level. The Flagship currency also broke the $43k level but failed to gain strength. BTC is now consolidating gains near $42,700. The Resistance now lies at the $43,000 level.
Incase of an upward trend, the next major resistance is near $43,500, above which the price might start a move towards the $44,500 level.
On the other hand, initial support is near the $42,000 level. In an extended bearish trend, the next key support is near $41,750, below which the price might retest 40,500.
Capo believes Cardano will continue to go below current pricing and end up in the $1.00 range before reversing course. He says that ADA has broken through support and is now trading in the buy zone.
Cardano (ADA) was able to clear the $1.180 resistance levels. It surged above $1.20 and is currently consolidating. The next major resistance is near $1.22, above which the price could accelerate higher towards the $1.25 level.
While the crypto trader’s short-term analysis on Cardano appears to be gloomy, his longer-term outlook is bullish. Capo made a Cardano prediction last month that puts ADA 600% higher than current prices. He believes that if ADA can hold the $1.00 level, a rise to $10 is possible this market cycle.