The crypto market appears to be headed for a bearish close this weekend as assets continue to flash mixed signals. The majority of cryptocurrencies are trading in the red, led by Bitcoin which has fallen below $19,200.
Altcoins are also not doing well. Ethereum has again lost its $1,300 level, subsequently pulling back other altcoins such as Solana, Cardano and XRP.
Amidst the bear movement, a well-known crypto analyst has informed his followers that he plans to accumulate one Solana-based (SOL) altcoin with the hope of earning profit with a massive price surge.
The analyst, known anonymously as Capo, informed his 551,000 followers on Twitter that the overall crypto market will have a clear direction next month after the Federal Reserve decides on their next interest rate hike.
Bitcoin (BTC) Price Analysis
The analyst continued by saying that if the Fed decides to increase interest rate by 75 or 100 basis points, the lead cryptocurrency, Bitcoin will drop hard, pulling back other cryptocurrencies as well.
According to Capo, the major currency is trading above $19,000 as the price downside is more due to divergence than direct price movement. Therefore, he believes that the brief squeeze phase is still not over and bitcoin price could still climb to $21,000 or more and then drop to $14,000.
However, though the analyst says $21,000 is a resistance zone, he believes that Bitcoin could move towards $21,500 before finding its bottom.
At the time of writing, bitcoin is selling at $19,153 after a 2.45% drop in the past 24 hours.
STEPN (GMT) Price Analysis
The strategist goes on to talk about STEPN (GMT), which is known for its move-to-earn project that is built on the Solana blockchain. Capo asserts that GMT is about to experience a massive rally of 42% to reach $0.84 from its current trade of $0.58.
On the other hand, once GMT reaches $0.84, the currency will see a bearish trend as it expects the currency to fall 60% to $0.33. On the bright side, he claims that there will be another price increase with a jump of 248% to trade at $1.15.
Currently, STEPN (GMT) is trading at $0.57 with a pull back of 5.23% over the last 24hrs.
