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April 15, 2024

Analyst Sees Bitcoin Rallying to New All-Time Highs Around the Halving, Says BTC Mirroring Pre-ETF Movement

By Henry Kanapi

A closely followed crypto strategist thinks that Bitcoin (BTC) is positioned to surge to new all-time highs following last week’s drop to around $60,000.

Pseudonymous analyst Kaleo tells his 634,700 followers on the social media platform X that Bitcoin appears to be mirroring its December 2023 to January 2024 price action – when the market anticipated the approval of spot BTC exchange-traded funds (ETFs).

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According to the trader, he sees Bitcoin rallying to new record highs around the halving when BTC miners’ rewards are slashed in half. However, he predicts that BTC will see a deep correction after the rally before igniting a steep upside move.

“My favorite price structure comparison I’m paying attention to right now heading into the halving is the December pre-ETF timeframe. Could easily see us running the highs again from here leading into the halving later this week, followed by a sell-off, and then a grind back to new highs.” 

The analyst shares an hourly chart of BTC before the ETFs were approved.

Source: Kaleo/X

He subsequently shares another chart that suggests BTC may be following the same pattern.

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Source: Kaleo/X

At time of writing, BTC is worth $65,795.

The trader is also keeping a close watch on BNB, the utility token of the BNB Chain ecosystem.

According to Kaleo, BNB looks poised to take out its diagonal resistance and rally to a new all-time high near the $1,000 mark.

“BNB still looks primed to break out of this range.” 

Source: Kaleo/X

At time of writing, BNB is trading for $566.4.

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