Popular pseudonymous analyst Kaleo is predicting that Bitcoin and the stock market will go parabolic together before crashing in a blow-off top.
In a discussion with Jake Wujastyk of Trend Spider, Kaleo reveals his “strategy” when looking at the crypto markets.
[adinserter block="1"]According to him, the digital asset space is undergoing a similar market cycle to what technology stocks went through in the late 1990s and doesn’t think Bitcoin can go much lower than current prices.
“I think, at least, my whole strategy has basically been playing off the tech bubble 2.0 narrative, and I think crypto fits within that window. And I really think it’s going to be similar to what we saw back in that 1999-2000 timeframe where the market tops around March, where there is a blow-off top, both in equities and crypto, but especially in the tech side of the market when it comes to equities.
And then I think crypto still even outpaces tech. You know, that includes Bitcoin, Ethereum, you can go down the list.
So, short-term right now… I don’t see us going too much lower than where we’ve gone already.”
Kaleo says that rather than trying to call all of the minute price action, he has his eye on a longer-term prediction that places Bitcoin up to 330% higher than current prices in a matter of months.
“I’m not sitting there stressing about every micro movement, I’m looking more zooming out for the macro price targets, and I still think BTC within the next six months, could go to $150,000 – $250,000. So as far as a capitulation wick, Maybe [Bitcoin] does touch 50k. Like, if it touches 50k, all that you’re going to see, in my opinion, is more opportunity.”
Bitcoin is trading at $57,412 at time of writing.
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