A preferred crypto strategist and dealer doesn’t count on Bitcoin (BTC) to achieve new all-time highs for probably one other two years.
Pseudonymous dealer Kaleo tells his 526,200 Twitter followers Bitcoin will commerce in a sideways vary, often known as being in a crab market, earlier than exploding to a brand new all-time excessive probably after the early-2024 halving.
In accordance with Kaleo, the flagship crypto asset is prone to vary between $16,000 and $30,000 for the subsequent 5 months earlier than breaking out upwards.
“Almost certainly path from right here is seeing a base vary between $16,000 – $30,000 established, that ultimately resolves round December when worth lastly breaks above excessive time frame diagonal resistance.
Anticipating a number of months of fast, overhyped development in early 2023 which doesn’t lead to a brand new all-time excessive. Capping out someplace within the $50,000 makes extra sense, however this development ought to have an related mini altcoin season.
Subsequent 18 months or so by way of the subsequent halving in March of 2024 outlined by a crab market staying above excessive time frame logarithmic help.
Whereas Bitcoin stays in a crab market, new altcoin narratives begin to spring up and the NFT [non-fungible token] market begins to select up steam.”
Kaleo says Bitcoin will hit a brand new all-time excessive of at the least $110,000 months after the subsequent halving.
“Late 2024 / early 2025 we lastly see a brand new Bitcoin all-time excessive and six-figure BTC.
I need to make clear – I believe BTC *does* go greater than what this chart exhibits (~$110,000), however even when that’s all we see… that’s nonetheless a 5x+ from present costs in lower than two and a half years. That’s not dangerous in any respect. May even be simply sufficient to outpace inflation.”
Bitcoin is buying and selling for $20,396 at time of writing.
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