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.
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.”
Generated Image: Midjourney