A prominent crypto analyst, known by the pseudonym CRYPTO CAPO, has suggested that Bitcoin (BTC), the leading cryptocurrency by market capitalization, could be on the brink of a significant upward surge.
In a recent Telegram post, CRYPTO CAPO informed his 122,005 subscribers that Bitcoin might experience another bullish phase if it successfully surpasses the $85,000 resistance level.
“BTC is attempting to reclaim $85,000 once more. This would be a strong indicator of bullish momentum, potentially driving the price towards the $90,000 mark,” the analyst stated.
Previously, CRYPTO CAPO cautioned that Bitcoin could exhibit a dead cat bounce pattern, a temporary recovery in a declining asset’s price. “Altcoins continue to show strength, while BTC remains steady around $83,000-$84,000. The target for this dead cat bounce could be between $92,000 and $98,000,” he added.
As of the latest data, Bitcoin is trading at $84,392, showing minimal change over the past 24 hours.
In addition to Bitcoin, CRYPTO CAPO expressed a bullish outlook on Render (RNDR), a GPU rendering network altcoin. “Render has rebounded strongly from its main support level. If it reclaims the $4.25 threshold, the next target could be $6-$7,” he noted.
Render is currently priced at $3.93, reflecting a 1% decline in the last day.
Source: CRYPTO CAPO/Telegram