Predicting the Bitcoin price movements and when altcoin costs will rally once more is just not a small feat however one analyst has managed to take action. Crypto analyst TonyTheBull has been calling for a bull market, saying that this cycle differs from earlier ones in the truth that there shall be a rally this yr.
This proved to be true final week when the worth of Bitcoin began surging and hit as high as $35,100. Now the analyst has referred to as the following altcoin to outperform, and it already is.
Fetch (FET) Is Next Altcoin In Line
In the newest iteration of the CoinChartist (VIP) e-newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his subsequent decide after the Bitcoin breakout. He revealed that he had beforehand purchased FET which ended up outperforming in January, and believes the identical would be the case right here as nicely.
FET which is likely one of the high AI-powered crypto tokens is already on the rise after the analyst referred to as it on the $0.24 stage. TonyTheBull additionally posits {that a} Raging Bull indicator flipping on would be capable to affirm additional upside. “Waiting for the Raging Bull to turn on would help confirm increased bullishness in the altcoin,” the e-newsletter learn.
Source: CoinChartist
The Raging Bull Indicator, defined the analyst, “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market, and more importantly, and impulsive like trend.” Basically, this indicator helps to indicate the power of a cryptocurrency.
Looking at FET’s performance because the name, it has already climbed over 30% and is now buying and selling above $0.3, hitting an area peak of $0.32 on Wednesday.
FET worth sitting above $0.29 | Source: FETUSD on Tradingview.com
Bitcoin Not The Only One Looking Good
Despite Bitcoin nonetheless wanting extremely bullish on the charts, the analyst factors out some altcoins which have had their Raging Bull Indicators turned on this yr as nicely. The first on the listing is Solana whose indicator turned on for the primary time since 2022. Following this, the digital asset went on a large run however it may not be performed.
TonyTheBull revealed that the final time this indicator was turned on, Solana blew up by 500%, after which continued on to do a 17,000% rally. So if it sticks to historic efficiency, the Solana rally would possibly solely be in its early levels.
Source: CoinChartist
The subsequent altcoin to look on the listing is Chainlink’s LINK. LINK moved from round $7 to over $11 in a matter of days. But identical to Solana, this coin might solely be in its early levels. LINK’s Raging Bull Indicator final turned on in 2019 and the coin noticed a “700% in the near term, and more than 9,000% in total.” The analyst additional added, “This might not be a setup to sleep on.”
