A highly regarded crypto analyst, known as Kaleo, is forecasting a significant upward move for Bitcoin (BTC) after weeks of oscillating around key levels. The pseudonymous expert, who has over 588,000 Twitter followers, believes Bitcoin is preparing to embark on a robust rally that will last until July.
Kaleo asserts that Bitcoin is reclaiming a high timeframe (HTF) support level after staying below it for several days. This price behavior, he says, often results in a sharp spike up. Currently, he’s keeping an eye on the $27,700 level.
Source: Kaleo/Twitter
The trader anticipates Bitcoin surging past the $40,000 mark by July, marking an increase of more than 46% from its current value of around $27,300 at the time of writing.
Source: Kaleo/Twitter
In addition to Bitcoin, Kaleo predicts that Ethereum (ETH), the leading smart contract platform, will quickly reclaim the $2,000 level.
Source: Kaleo/Twitter
After briefly dipping below $1,800 earlier in the month, ETH is now trading at the range highs at around $1,855. Kaleo believes there is still more room for Ethereum to run, potentially fueling ETH’s rise back to the $2,000 level.
Bitcoin, the world’s largest cryptocurrency by market cap, has experienced significant price fluctuations over the past month. It reached an all-time high of $41,962 on January 9 before plunging below $30,000 later in the month. Recently, it has been trading around the $31,000 to $33,000 range, with some analysts characterizing the cryptocurrency’s price action as choppy and directionless.
The broader cryptocurrency market has also experienced volatility in recent weeks, with many digital currencies experiencing sharp rises and falls. While some experts believe that cryptocurrencies such as Bitcoin and Ethereum will continue to appreciate in value, others warn of potential pullbacks or declines in the short term. It is essential for investors considering cryptocurrencies to conduct thorough research and understand the risks associated with these digital assets.
Notably, Kaleo’s predictions stand in contrast to some other analysts’ viewpoints. For example, analyst Scott Minerd of Guggenheim Partners recently characterized Bitcoin as being “in a speculative bubble” and told CNBC that the digital currency could ultimately be valued at zero. This example demonstrates the wide array of opinions on Bitcoin’s future price movements.
In conclusion, although many analysts and investors are divided on the future of the cryptocurrency market, analysts such as Kaleo believe that a significant rise in the value of digital currencies such as Bitcoin and Ethereum is on the horizons. Despite these positive predictions, future price movements in the cryptocurrency market are difficult to anticipate, and investors should remain cautious when considering these digital assets. The coming months will undoubtedly be crucial in understanding the direction of cryptocurrencies like Bitcoin and Ethereum as they continue to evolve in the financial landscape.