Cryptocurrency markets are on the brink of a major turnaround, according to an analyst who accurately predicted the recent crypto collapse. Capo, a well-known figure in the crypto community, has shared his insights with over 900,000 followers on X, suggesting that a period of sustained rallies is on the horizon.
In a recent post, Capo highlighted the need for a significant correction before the anticipated bullish momentum takes hold. He cautioned his followers to stay strong during a potential last 5%-15% shakeout, emphasizing the importance of not getting shaken out during this period.
To prepare for the expected correction, Capo revealed that he is building a hedge position in line with his predictions. Hedging, a risk-management strategy commonly used in trading, involves opening new positions to offset potential losses from existing investments.
Taking a closer look at specific cryptocurrencies, Capo shared his analysis on Solana (SOL), predicting a dip to the $220 price level before rallying to a new all-time high of $320. At the time of writing, SOL is trading at $250, indicating a potential buying opportunity for investors.
When it comes to Ethereum (ETH), Capo sees the leading altcoin retracing to its “main support” area before surging to a new all-time high near $5,000. He illustrated this scenario with a chart showing a potential shakeout testing the $2,800-$3,000 support range. With Ethereum currently priced at $3,329, the stage seems to be set for a bullish run towards new highs.
Capo’s analysis suggests that altseason could kick off once Ethereum starts its ascent to a record high, indicating a broader market rally across various cryptocurrencies. As investors eagerly await these developments, staying informed and monitoring price action remains crucial to capitalize on potential opportunities.
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Incorporating Capo’s analysis and projections, the cryptocurrency market is poised for a significant shift, with potential for sustained rallies and new all-time highs on the horizon. Stay tuned for more updates as the market dynamics continue to evolve.