Predicting bitcoin price movements and when altcoin prices will rise again is not an easy task, but one analyst has managed to do it. crypto analyst TonyTheBull has been calling for a bull market, saying that this cycle differs from previous ones in the fact that there will be a rally this year.
This turned out to be true last week when the price of bitcoin began to rise and reached $35,100. Now the analyst has said that the next altcoin will be an outperformer, and it already is.
Fetch (FET) is the next altcoin in line
In the latest version of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his next pick after the bitcoin breakout. He revealed that he had previously bought FET, which ended up outperforming in January, and believes the same will happen here as well.
FET, which is one of the leading ai-powered crypto tokens, is already on the rise after analyst called it at the $0.24 level. TonyTheBull also posits that a Raging Bull indicator lighting up could confirm further upside. “Waiting for Raging Bull to activate would help confirm greater optimism in the altcoin,” the newsletter said.
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 trend.” Basically, this indicator helps show the strength of a cryptocurrency.
If we look at FET’s performance since the call, it is already up over 30% and is now trading above $0.3, hitting a local high of $0.32 on Wednesday.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/URy20VDI/" alt="Get ai FET price chart from Tradingview.com (bitcoin altcoin cryptocurrency analyst)” width=”2650″ height=”1758″ loading=”lazy”/>
FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
bitcoin is not the only one that looks good
Even though bitcoin still looks incredibly bullish on the charts, the analyst points out a few altcoins that have also triggered their Raging Bull indicators this year. First on the list is Solana, whose indicator was activated for the first time since 2022. After this, the digital asset made a massive run, but it may not be done.
TonyTheBull revealed that the last time this indicator was triggered, Solana exploded by 500% and then continued with a 17,000% rally. So if we go by historical performance, Solana’s rebound could only be in its early stages.
<img decoding="async" loading="lazy" class="size-medium wp-image-557713 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=460&resize=460%2C270″ alt=”Solana SOL altcoin bitcoin” width=”460″ height=”270″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=4015 4015w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=460&resize=460%2C270 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-SOL-altcoin-bitcoin.png?w=3000 3000w” sizes=”(max-width: 460px) 100vw, 460px” data-recalc-dims=”1″/>
Source: CoinChartist
The next altcoin to appear on the list is LINK from Chainlink. LINK went from about $7 to over $11 in a matter of days. But like Solana, this coin may only be in its early stages. LINK’s Raging Bull indicator was last triggered in 2019 and the coin recorded “700% in the short term and over 9,000% in total.” The analyst further added: “This might not be a sleeper setup.”
