Crypto Analyst Lays Out Price Targets For Bitcoin & A Lesser Known Altcoin
The crypto market appears to be headed for a bearish close this weekend as assets continue to flash mixed signals. The majority of cryptocurrencies are trading in the red, led by Bitcoin which has fallen below $19,200.
The altcoins aren’t doing well either. Ethereum has yet again lost its $1,300 level, subsequently pulling back other altcoins like Solana, Cardano, and XRP, among others.
Amidst the bear movement, a well-known crypto analyst has informed his followers that he plans to accumulate one Solana-based (SOL) altcoin with the hope of earning profit with a massive price surge.
The analyst, anonymously known as Capo, informs his 551,000 followers over Twitter that the overall crypto market will have a clear direction next month after the Federal Reserve will decide upon their next interest rate hike.
Bitcoin (BTC) Price Analysis
The analyst continued by saying that if the Fed decides to increase interest rate by 75 or 100 basis points, the lead cryptocurrency, Bitcoin will drop hard, pulling back other cryptocurrencies as well.
$BTC potential roadmap pic.twitter.com/gVt4MjvXzf— il Capo Of Crypto (@CryptoCapo_) October 14, 2022
As per Capo, the flagship currency is holding on above $19,000 because the price crunch is more due to the deviation than direct price movement. Hence, he believes the short squeeze phase is still not over and the Bitcoin price may still climb up to $21,000 or more before crashing to $14,000.
In fact, once it broke the level, my system was giving bullish signals and potential strong reversal. That's why I remained bullish. Right now price is back above 19k so the move below this level is considered as a deviation (bullish).— il Capo Of Crypto (@CryptoCapo_) October 13, 2022
However, though the analyst says $21,000 is a resistance zone, he believes that Bitcoin could move towards $21,500 before finding its bottom.
At the time of writing, Bitcoin is selling at $19,153 after a fall of 2.45% over the last 24hrs.
STEPN (GMT) Price Analysis
The strategist goes on to talk about STEPN (GMT), which is known for its move-to-earn project that is built on the Solana blockchain. Capo asserts that GMT is about to experience a massive rally of 42% to reach $0.84 from its current trade of $0.58.
On the flip side, after GMT hits $0.84, the currency will witness bearish movement as he feels the currency will slide 60% dropping at $0.33. On the brighter side, he claims that there will be another price hike of a whooping 248% jump to trade at $1.15.
Just bought a bag of $GMT pic.twitter.com/TlGSOWCLhb— il Capo Of Crypto (@CryptoCapo_) October 13, 2022
Currently, STEPN (GMT) is trading at $0.57 with a pull back of 5.23% over the last 24hrs.