Upcoming Bitcoin Rally Expected

A widely followed crypto strategist believes that Bitcoin (BTC) and the broader crypto market are poised for a significant upside following a massive liquidation event.

On Monday, over $1.58 billion in liquidations occurred, primarily affecting leveraged long positions within a 24-hour period amid various bearish developments. Bitcoin itself dropped to its lowest point in three months at $86,141.

Pseudonymous analyst Capo informs his 119,452 Telegram subscribers that a major relief rally is on the horizon for the crypto market.
> “A strong bounce seems likely.”

Capo suggests the upcoming rally will stem from a short squeeze, where a swift price increase forces short sellers to close their positions. However, after the short squeeze dissipates, Capo warns of a probable capitulation event, which could open the door to rallies to new all-time highs.
> “Still thinking we get a strong short squeeze before the bigger drop comes.”

Regarding Bitcoin, Capo estimates that it might rally to $100,000 before possibly dropping to $80,000, ultimately setting the stage for a new all-time high. As of now, Bitcoin is valued at $88,329.

For Ethereum, Capo anticipates a similar trajectory, potentially reaching $5,000.
> “ETH idea.”
His chart projections suggest that ETH may rise to $3,000, drop below $2,000, and then prepare for a surge to new record levels. Current ETH trading value is $2,481.

Capo applies the same outlook to Solana (SOL), predicting an initial rise to $185, followed by a drop to $120, and later a rebound to $310. SOL is currently priced at $143.93.

Source: Capo/Telegram
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