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Cryptocurrency trader with the nickname Capo predicts a quick recovery in the BTC rate, and the altcoins predict a grand takeoff
According to him, bitcoin is ready for a sharp increase in exchange rates, since due to the recent correction, funding rates have become negative:
“Now the main scenario for BTC is very likely, that is, we are going to $ 100,000.”
Negative funding rates suggest that the shortstop are making big bets on the continuation of the BTC correction. In the event of an increase in the bitcoin rate, traders who have opened short positions will be forced to close them and buy the asset at a higher price, which will lead to a strong rally.
Capo noted that as long as funding rates remain negative, the chances of a V-shaped recovery or a sharp rise in the BTC rate are high. In addition, he believes that the current BTC correction resembles the March 2020 collapse due to Covid-19.
Regarding altcoins, he noted that the OTHERS chart (which tracks the top 125 digital assets without BTC) is still trading along a parabolic trajectory. According to Capo, in 2022 the capitalization of the top 125 cryptoassets (excluding BTC) will exceed $ 3 trillion. He himself made a bet on altcoins and is closely watching assets that recover faster than others after a collapse:
“Those assets that are recovering faster than others after the collapse will show the highest returns in the coming weeks.”
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