A prominent trader and analyst who continues to build his following with his timely calls on crypto assets just flipped extremely bullish on blockchain network Cardano (ADA) following the latest marketwide correction.
In a series of tweets, the pseudonymous trader known as Capo unveils his bullish outlook on Cardano, plus Bitcoin and three more altcoins.
The trader predicts a massive price target that plots ADA’s path toward $40. He expects the asset to reach the target sometime in early 2022, implying a 2,549% rally for the smart contracts platform, which is currently trading at $1.51.
“ADA long-term roadmap (potential). I can see this happening.”
Following ADA’s quick and repeated bounces from the $1.00 level, indicating strong support, Crypto Capo doubled down on his sentiment.
“I cannot be more bullish.”
The closely-followed trader also notes his bullish sentiment on proof-of-stake token Validity (VAL) and three other altcoins, including Polkaswap’s native token PSWAP and Sora network’s XOR.
“VAL. Very bullish chart. Also bullish on PSWAP and XOR.”
As for Bitcoin (BTC), the analyst doesn’t believe the bull market is over. He sees the world’s largest crypto by market cap recovering from its recent correction and grinding its way up near the $400,000 level around the break of the new year, representing potential gains of 977% from its price of $37,117.
“This consolidation will probably be the bottom of the next bear market ($40k-$60k).”
Capo believes that altcoins have also not finished their ascent this cycle and that the group of crypto assets will likely range for a significant period of time before beginning their final run.
“What I see is that many altcoins have completed the first leg up, and this is the wave 2. It means that the third wave is still to come, which is usually the biggest.
Second waves usually take more time. I don’t expect new highs soon but a bounce + range formation. This is time to reaccumulate and be ready for the third wave.”