Before the massive bitcoin crash earlier this year, a pseudonymous analyst had predicted this trend. The analyst is widely popular by the name of Capo in the industry. Capo has now predicted that Ethereum and Bitcoin both will have rallies soon.
The analyst Capo has declared that it is time for Bitcoin to make a move. The crypto bears in the market have been providing fuel for the rally that is about to begin.
Capo claims the price action and heat maps are bullish. He believes that there are many shorts in the Bitcoin prices that are required to be squeezed to push it to US $21,000. The short squeeze occurs when investors believe that the prices of a certain asset are about to drop. Hence, many investors sell their possessions which trigger a rapid increase in prices of that asset.
Market analytics reports show that traders have collected around US $3.63 billion worth of short positions in the last 24 hours. Currently, Bitcoin is selling at the price of US $19,453 and has gone up by 1.70% during market hours.
The community is predicting that the Ethereum rally will be consistently over the price of US $1,400 level which has untapped liquidity according to Capo.
Day-to-day traders look for cryptocurrency with high liquidity. This is because they believe that investors who are considerably influential will be able to manipulate the price of the currency to keep pushing higher for buyers and sellers to increase market activity quickly.
Ethereum is currently going for US $1,362 price and has increased by 3.92% during market hours.
Capo adds that the XRP market is in risk of having a steep correction towards his target of US $0.17. The community has gotten weary of their possessions of the XRP token and are now re-evaluating their decisions.
Currently, XRP prices are going for the US $0.467 and has gained a little over 1% in the past 24 hours.
