A widely followed analyst is updating his outlook on Bitcoin (BTC) as the king crypto sits at around $43,000.
Pseudonymous crypto trader Kaleo tells his 611,000 followers on the social media platform X that he believes Bitcoin will reach new all-time highs (ATHs) sooner than he previously thought.
He now believes BTC will reach ATHs in the middle of next year.
“Slowly but surely this is playing out. The one adjustment I’ll make to the thesis here is that I wouldn’t be shocked to see new Bitcoin ATHs slightly earlier than the original thesis stated (mid-2024 instead of late 2024/early 2025).”
The trader also says that Bitcoin remains in an uptrend despite a recent temporary dip to the $40,000 level.
“The recent dip we had was nothing more than a healthy correction after a massive parabolic extension. I believe we’ve defined the upper and lower bounds of a new range that we’ll likely trade within for the next month or two before continuing higher.
As equities continue to climb to new ATHs, if we get a BTC ETF (exchange-traded fund) approval next month, I don’t see anything slowing Bitcoin down from continuing its path to price discovery. Add the halving in April, and we’re primed for one hell of a year. 2024/2025 is gonna be lit.”
The trader believes that the current strong performance of the Invesco QQQ Trust (QQQ), which includes top large tech companies, is another reason to be bullish on Bitcoin because it could indicate the level of interest investors would have in a spot market Bitcoin exchange-traded funds (ETFs), which could receive approval next month.
“The tech index is on the brink of printing new ATHs. The fact this is happening leading up to a potential ETF approval for Bitcoin (and maybe not longer after ETH), as well as the Bitcoin halving soon after is wild. All of the stars are aligning for 2024 to be special.”
Next, the trader updates his outlook on Shiba Inu (SHIB) rival PEPE, after the memcoin’s uptrend broke down.
“For now, [the return to ATHs] scenario is invalidated. Wouldn’t enter a long until we see some bullish momentum and a reclaim of $0.0000018. Wouldn’t be surprised to see a return back to the base of this range closer to $0.000001.”
PEPE is trading for $0.00000143 at time of writing, down 6.7% in the past seven days.
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