A popular crypto strategist and trader doesn’t expect Bitcoin (BTC) to reach new all-time highs for possibly another two years.
Pseudonymous trader Kaleo tells his 526,200 Twitter followers Bitcoin will trade in a sideways range, also known as being in a crab market, before exploding to a new all-time high possibly after the early-2024 halving.
According to Kaleo, the flagship crypto asset is likely to range between $16,000 and $30,000 for the next five months before breaking out upwards.
“Most likely path from here is seeing a base range between $16,000 – $30,000 established, that eventually resolves around December when price finally breaks above high time-frame diagonal resistance.
Expecting a few months of rapid, overhyped growth in early 2023 which does not result in a new all-time high. Capping out somewhere in the $50,000 makes more sense, but this growth should have an associated mini altcoin season.
Next 18 months or so through the next halving in March of 2024 defined by a crab market staying above high time-frame logarithmic support.
While Bitcoin remains in a crab market, new altcoin narratives start to spring up and the NFT [non-fungible token] market starts to pick up steam.”
Kaleo says Bitcoin will hit a new all-time high of at least $110,000 months after the next halving.
“Late 2024 / early 2025 we finally see a new Bitcoin all-time high and six-figure BTC.
I want to clarify – I think BTC *does* go higher than what this chart shows (~$110,000), but even if that’s all we see… that’s still a 5x+ from current prices in less than two and a half years. That’s not bad at all. Might even be just enough to outpace inflation.”
Bitcoin is trading for $20,396 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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