A popular crypto strategist and trader says he expects three altcoins to sizzle as Bitcoin (BTC) pushes toward its next resistance level.
As for the altcoin market, Capo is sharing a chart that shows Bitcoin’s dominance of the overall crypto market cap is tapping against a historic level of resistance.
The trader believes a bit shift is on the horizon.
“LMAO and some people being cocky because BTC.D is up 5%. Good luck.”
As the overall altcoin market heats up, Capo sees the largest potential gains for Polkadot (DOT), followed by Cardano (ADA) and Ethereum (ETH).
Capo lays out his sliding scale of bullishness,
“DOT/BTC mega bullish. ADA/BTC very bullish. ETH/BTC bullish.
If you want to be bullish on BTC.D [Bitcoin dominance] here, it’s up to you. I’m all-in altcoins.”
At time of writing, cross-chain interoperability protocol DOT is up 24.9% over the past week and valued at $40.58.
Scalable decentralized platform ADA sits at $2.20, virtually the same as a week ago.
Capo further explains in a lengthy thread why he’s seeing a new altcoin season in the making.
“Now Bitcoin is confirming the bullish scenario, and $100k and higher targets are likely to happen in the next few months. This would create the perfect scenario for people to get comfortable and start speculating on altcoins…
BTC dominance chart (BTC.D) – huge hidden bearish divergence showing up, and the green support is getting weaker. In my opinion, it will take the 2018 lows (36.50%) and the altseason could end there.”
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/SimpleB