Predicting Bitcoin price movements and when altcoin prices will rise again is no easy feat, but one analyst has managed to do it. Cryptocurrency analyst TonyTheBull has called for a bull market, saying that this cycle differs from previous ones in the fact that there will be a rally this year.
This proved to be true last week when the price of Bitcoin started to rise and reached $35,100. Now the analyst has called the next altcoin to outperform, and it is.
Fetch (FET) is the next altcoin in line
In the latest edition of the CoinChartist (VIP) newsletter, cryptocurrency analyst TonyTheBull revealed that Fetch (FET) was his next pick after the Bitcoin hack. He revealed that he had previously bought FET which ended up outperforming in January, and believes the same will be the case here as well.
FET which is one of the top AI-powered crypto tokens is already on the rise after the analyst described it at $0.24 level. TonyTheBull also assumes that a reversal of the Raging Bull indicator will be able to confirm further upside. “Waiting for a raging bull to run should help confirm the growing uptrend in the altcoin,” the newsletter read.
Source: CoinChartist
The Raging Bull indicator “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market and, more importantly, an impulsive trend,” the analyst explained. Basically, this indicator helps show the strength of the cryptocurrency.
Looking at FET’s performance since the call, it has already risen over 30% and is now trading above $0.3, hitting a local peak of $0.32 on Wednesday.
FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
Bitcoin isn’t the only one looking good
Although Bitcoin still looks incredibly bullish on the charts, the analyst points to some altcoins whose Raging Bull indicators have been triggered this year as well. First on the list is Solana whose index ran for the first time since 2022. After that, the digital assets took off tremendously but it may not be there.
TonyTheBull revealed that the last time this indicator was run, Solana rose 500%, then went on to rise by 17,000%. So, if historical performance holds, Solana’s rise may only be in its early stages.
Source: CoinChartist
The next altcoin to appear on the list is Chainlink’s LINK. LINK went from around $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 run in 2019 and the coin saw “700% in the near term, and over 9,000% in total.” The analyst also added: “This may not be a setup to sleep on.”