A well-liked crypto strategist and dealer doesn’t count on Bitcoin (BTC) to succeed in new all-time highs for presumably 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 presumably after the early-2024 halving.
In keeping 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.
“Most definitely path from right here is seeing a base vary between $16,000 – $30,000 established, that finally resolves round December when value lastly breaks above excessive timeframe diagonal resistance.
Anticipating a number of months of fast, overhyped progress in early 2023 which doesn’t end in a brand new all-time excessive. Capping out someplace within the $50,000 makes extra sense, however this progress ought to have an related mini altcoin season.
Subsequent 18 months or so via the subsequent halving in March of 2024 outlined by a crab market staying above excessive timeframe 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 choose 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 increased than what this chart reveals (~$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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