A widely followed crypto analyst is predicting a big break out for Bitcoin (BTC) after a quick retest of a lower price level.
Pseudonymous analyst Kaleo tells his 565,000 Twitter followers that bears are wrongly claiming Bitcoin is heading to the downside.
[adinserter block="1"]Instead, he says Bitcoin is only retesting the price of $23,000 before it will soar.
“Bears are using this LTF [Lower Time Frame] pullback to try and convince you that we’re heading lower, when it’s nothing more than a simple breakout/retest before continuing the send higher.”
Kaleo is predicting Bitcoin will break past the $30,000 price level, but he says it may first dip below $20,000.
“Alright, I feel convicted that I’ve been incredibly too one-sided recently for my LTF posts. I fully believe $30,000 is a magnet, but I could also see this type of a scenario play out along that path if the lows from several days ago are swept.”
The crypto trader says that his target price for Bitcoin remains $40,000.
“The important thing I’ve lost sight of since Bitcoin had its HTF [High Time Frame] breakout is the effect it’s had on my LTF bias. Whether the stops are triggered and we retest the HTF trend one more time near ~$20,000 or we send higher from here, the end target of $40,000 doesn’t change.”
Bitcoin is trading for $23,675 at time of writing.
Kaleo also is predicting Coinbase (COIN) shares will skyrocket, reaching more than $400 by June, more than 500% from its current value of $64.67.
He also is bullish on the S&P 500 (SPX), predicting it will climb above 4,000 points to hit 4,300 heading into April.
“SPX on the verge of reclaiming 4,000 after completing a clean retest of HTF support. The send to 4,300 continues soon. Be more bullish.”
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