As the main currency attempts to break its $25,000 resistance, a crypto trader and analyst is widely followed.
Kaleo , pseudonymous as a crypto analyst, told his 563.900 Twitter followers that Bitcoin has been eyeing the $40,000 mark.
“$40,000 is an enticing price. “
Bitcoin currently trades at $24,137
Kaleo says that Bitcoin could rally up to $40,000 “over a few months”.
Based on projections drawn using a chart Kaleo published earlier this week the crypto asset could reach an inflated price of $30,000 to $40,000 between April 2023 and July 2023.
Following that rally, Bitcoin would return to the mid $20,000 mark heading into 2024. This would kick off a bull market that would end in an all-time high of late 2024 to early 2025.
According to the pseudonymous cryptocurrency analyst and trader, Bitcoin’s immediate course forward is to squeeze back to around $26,000 to retest higher resistance.
Timeline is excited about breaking out of pennant. But a retraceback to high $24,000s, followed by more chop at the upper end of the range before the leg up to $30,000 sounds good.”
This popular trader and crypto analyst is also stating that Bitcoin dominance has been on an upward trajectory. He will only consider altcoins when the dominance level is at least 50%.
Looking for greater than 50% Bitcoin dominance before looking into alts more seriously.”
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
