A popular crypto strategist is predicting a surge in price for Bitcoin (BTC) as he maps out BTC’s possible trading range over the next few months.
Pseudonymous analyst Kaleo tells his 527,900 Twitter followers that a strong Bitcoin rally is imminent.
“Bitcoin/BTC. Soon.”
Kaleo’s chart predicts a huge Bitcoin bounce to around $28,000 in the short term prior to another leg down below $20,000, which would then be followed by a grind up to $30,000.
The crypto strategist says that this ranging environment is the “most likely” scenario for Bitcoin in the coming months.
“I still believe the most likely outcome is a range between $20,000 [and] $30,000 through at least the next several months, so while a bounce from here might take us to around $30,000, I don’t see it as anything to get over-excited about quite yet.”
Kaleo also says that even if BTC bulls are able to ignite a relief rally, he warns traders that the surge won’t likely be the start of a new bull market.
“Even though the next leg up we’ll see out of this $20,000 mini-range we’re stuck in won’t necessarily signal the shift to momentum for a sustainable new bull market, it will provide some much necessary relief from the months of bearish price action we’ve seen recently.
Hope it’s fun, but don’t let it evolve into greed and completely consume you. Be patient, keep stacking, survive the crab and be a king in 2024/2025.”
At time of writing, Bitcoin is swapping hands for $20,931, down 2.34% on the day.
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