A prominent crypto analyst is predicting that Ethereum is on the verge of another major price rally along with four other crypto assets.
The analyst, known in crypto circles as Capo, is updating his altcoin predictions and revealing some of his price targets.
As for Ethereum (ETH), Capo says that the “sky is the limit” for the second largest crypto asset by market cap, setting his sights on the $10,000 mark.
Earlier this week, the crypto analyst said that Ethereum has marked a new floor price and declared the start of alt season is underway.
“Second bold call of the year: ETH never again below $800…
The logic behind [alt season] this is that a large part of the profits generated in BTC flow into altcoins. Also, people are more comfortable investing in riskier assets as the market situation is much better and the general sentiment is bullish. Risk tolerance is higher.”
Capo says that action on the Ethereum to Bitcoin pair (ETH/BTC), which can be a particularly important indicator of altseason, has confirmed that an altcoin rally is afoot.
Unlike the 2017 rally, the trader warns that not every single altcoin will moon this time around.
One asset that Capo believes will rally is Litecoin (LTC). Capo says LTC can hit $1,000 this cycle, which would be roughly a 500% increase in price from where Litecoin is currently trading.
Capo is also bullish on smart contract platform Cardano (ADA), which is approaching the $0.36 to $0.39 level. The trader believes that once ADA breaches that range, it will have no issue reaching $1.00.
“Nothing has changed since the last analysis. [Cardano is] reaching the first target ($0.36-0.39). Above that level, it goes to $1.”
Other altcoins that Capo expects to rally include Balancer (BAL), Reserve Rights Token (RSR) and Waves (WAVES).
On Balancer, Capo says it possesses the “perfect setup.” The token has rallied by slightly over 30% in the last seven days.
With regard to Waves, Capo finds that the altcoin is likely on a “bullish path,” climbing by 6% in the last 24 hours.
Capo adds that RSR is signaling a continued rally based on technical analysis. RSR has surged by 101% over the last seven days.
As for the crypto king, Capo updated his BTC prediction on Wednesday, boldly making the call that BTC will never dip below the $30,000 level again.
“Third bold call of the year: BTC never again below $30k.”
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