A widely followed cryptocurrency trader who accurately predicted Bitcoin (BTC)’s collapse below $30,000 in 2022 is naming a blue-chip altcoin that he believes has big upside potential.
The trader who goes by the pseudonym Capo tells his 841,700 followers on social media platform stars up 172% from its current levels.
“POINT.
Currently back on a major support, after being rejected by the resistance. If this support holds, we should see a move towards the same resistance ($10 to $11) and if this level is broken above, then it should reach $15 – $17.
Source: Capo/X
Polkadot is trading at $6.25 as of this writing.
According to Capo, his bullish thesis for Polkadot is strengthened by the crypto project’s progress.
“Some key fundamentals for Polkadot:
– Pois 2.0
– Chain guard
– Polkadot game (mythical game migration)
– AI (artificial intelligence) integrations such as Phala Network (PHA).”
Polkadot 2.0 refers to key changes that the network has introduced to improve functionality and efficiency. Phala Network (PHA) is an artificial intelligence coprocessor for blockchain.
Meanwhile, web3 game developer Mythical Games announced plans to move from Ethereum to Polkadot months ago.
Turning to Bitcoin, Capo says the flagship crypto asset is in an “attractive support zone” where it could form the basis for an upward move.
“There is strong demand between $59,000 and $61,000 and the indicators look mostly bullish, so a rebound is likely. If BTC breaks the $65,000 resistance, I would look for $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target.
Source: Capo/X
At the time of writing, Bitcoin is trading at $60,877.
Image generated: DALLE3
