A top crypto analyst is confident that Bitcoin (BTC) will see new record highs even after the benchmark cryptocurrency plunged to nearly $46,000 earlier this month.
The pseudonymous trader known as Kaleo tells his 460,000 Twitter followers that BTC is now on its way to $57,000 after breaching the $50,000 level.
“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 said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100,000+ this cycle.
I’ll gladly start scaling out around $150,000. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”
The analyst also argues that he sees Bitcoin following the footsteps of the S&P 500 ETF Trust, which recently 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 below $50,000 as an opportunity for investors to ramp up their holdings.
At time of writing the leading digital asset is exchanging hands at $51,307.37.
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