Trader Says A Large-Cap Altcoin Looks Poised To Outpace Bitcoin, Forecasts New All-Time High Against BTC
A widely followed cryptoanalyst says the top-ten altcoin Polygon (MATIC) looks set to hit an all-time high against Bitcoin (BTC).
Pseudonymous digital asset trader Crypto Kaleo says his 551,200 Twitter followers that blockchain scaling solution Polygon looks bullish on Bitcoin (MATIC/BTC) after testing key diagonal resistance as support.
“MATIC/BTC has continued to slowly grind higher in this area. Zooming out, plan remains the same. New all-time high imminent.”
Based on the trader’s chart, he seems to be predicting a strong rally for MATIC/BTC heading for a new all-time high around 0.00007 BTC ($1.20). At the time of writing, MATIC/BTC is exchanging hands for 0.00005274 ($0.90), suggesting upside potential of over 32% for the pair.
Kaleo then shifts its focus to Bitcoin, predict that BTC will rally above $18,000 after a small pullback below $17,000 in the coming days.
“They said it was going to be zero, but we’re back in the range. $18,000 is a magnet.”
At the time of writing, Bitcoin is trading hands at $17,149, down a fraction on the day.
Kaleo also analyzes the peer-to-peer payment network Litecoin (LTC), saying the run against Bitcoin (LTC/BTC) is not yet over.
“LTC/BTC ratio retested recent highs this weekend. Still expect Litecoin to continue outperforming the market in the near future.”
According to Kaleo’s chart, he expects LTC/BTC to climb towards his target of around 0.0058 BTC ($99.40). At the time of writing, LTC/BTC is exchanging hands for 0.00444 BTC ($76.09), suggesting a possible 30% swing to the upside for the pair if it hits Kaleo’s target.
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Featured image: Shutterstock/issaro prakalung
