A high crypto analyst is assured that Bitcoin (BTC) will see new report highs even after the benchmark cryptocurrency plunged to practically $46,000 earlier this month.
The pseudonymous dealer often called Kaleo tells his 460,000 Twitter followers that BTC is now on its method to $57,000 after breaching the $50,000 degree.
“Just like that, first breakout complete. Expecting a quick run-up to ~$57,000 followed by a slightly slower grind to $70,000 before the real breakout (high timeframe 2021 pennant) begins.”
Even amid the price correction that affected BTC and the broader crypto market, Kaleo predicted earlier this month that Bitcoin will hit over $100,000 this bull cycle.
“I’ve mentioned it earlier than and I’ll say it once more – I nonetheless count on to see Bitcoin have a parabolic transfer to high out at $100,000+ this cycle.
I’ll gladly begin scaling out round $150,000. I count on it to go larger, however I’m not involved with nailing the highest. Until then, simply maintain stacking.”
The analyst additionally argues that he sees Bitcoin following the footsteps of the S&P 500 ETF Trust, which not too long ago printed new all-time highs.
“Highest close ever for SPY. Let me put it to you plainly – [the] same argument was made this summer when BTC / crypto lagged. It caught up. Same sh*t is gonna happen again.”
Kaleo says Bitcoin’s drop to under $50,000 as a possibility for traders to ramp up their holdings.
At time of writing the main digital asset is exchanging arms at $51,307.37.
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