Altcoins
Crypto Analyst Who Called Bitcoin’s Parabolic Rally Picks Altcoin Poised to Breakout
Predicting Bitcoin price movements and when altcoin prices will rise again is no small feat, but one analyst has managed to do it. Crypto analyst TonyTheBull has called for a bull market, saying this cycle differs from previous ones in that there will be a rally this year.
This proved true last week when the price of Bitcoin began to skyrocket and reaches up to $35,100. Now the analyst has called for the next altcoin to outperform, and it already has.
Fetch (FET) is the next Altcoin in line
In the latest edition of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Recover (FET) was his next choice after the Bitcoin breakout. He revealed that he previously bought FET, which ended up outperforming in January, and believes that will be the case here as well.
FET, one of the leading AI-powered crypto tokens, is already rising after the analyst called it at the $0.24 level. TonyTheBull also posits that a Raging Bull indicator lighting up would be able to confirm further upside. “Waiting for the Raging Bull to light up would help confirm the altcoin’s increasing uptrend,” the newsletter read.
Source: CoinChartist
The Raging Bull indicator, the analyst explained, “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market and, more importantly, in an impulsive tendency. Basically, this indicator helps show the strength of a cryptocurrency.
Look FET performance since the call, it has already climbed over 30% and is now trading above $0.3, hitting a local high of $0.32 on Wednesday.
FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
Bitcoin isn’t the only one looking good
Although Bitcoin still looks incredibly bullish on the charts, the analyst points out some altcoins whose Raging Bull indicators were also activated this year. The first on the list is Solana whose indicator lit up for the first time since 2022. Following this, the digital asset launched en masse, but this might not happen.
TonyTheBull revealed that the last time this indicator was on, Solana exploded 500%, then continued with a 17,000% rally. So, if historical performance is anything to go by, the Solana rally might just be in its infancy.
Source: CoinChartist
The following altcoin appear on the list is The LINK of Chainlink. LINK went from around $7 to over $11 in a matter of days. But just like Solana, this play may still be in its infancy. Connections The Raging Bull indicator last activated in 2019 and the coin recorded “700% in the short term and over 9,000% in total.” The analyst further added, “This may not be a setup to sleep on. »