A widely followed crypto analyst believes that Bitcoin (BTC) is printing a similar 2020 bullish pattern.
In a new thread, pseudonymous crypto trader Kaleo tells his 728,400 followers on X that Bitcoin may increase by more than 60% its current value next year.
[adinserter block="1"]“I still believe the market is in a similar place to where it was in the fall of 2020. In both scenarios, BTC lost a key support line it had held dating back to the recovery from a major crash. This led to a mini-bart scenario where the price found a base for a new range after retracing nearly the entirety of its last major leg up.
Through the majority of the post-Covid crash recovery in 2020, stocks (especially the tech sector) were significantly outperforming Bitcoin. The majority of alts were quiet outside of a few in the DeFi (decentralized finance) sector. People were claiming Bitcoin was dead. Currently, equities are printing new all-time highs seemingly daily. People are once again claiming Bitcoin is boring and alts are dead. It’s only a matter of time before that narrative changes.”
The analyst also says that Bitcoin is likely in an extended bull market, overriding the four-year cycle theory that states the top crypto asset has entered a bearish phase.
Bitcoin’s four-year halving schedule and large price drawdowns that historically happened once every four years have given the impression that the benchmark cryptocurrency follows a four-year cycle.
“I still believe this isn’t the typical four year cycle where we’d expect another year or two of bearish price action before seeing new all-time highs. Instead, when we see new all-time highs in 2026 it’ll mark the ‘fun stages’ of a new supercycle. Higher for longer, real alt seasons and new retail mania with mainstream crypto dapps (decentralized application).
This should be followed by a longer bear market – but for those of you who were brave enough to stick around during the dark and boring days, you’ll hopefully be able to stack enough over the next few years to be prepared to survive it. Now isn’t the time to walk away. It’s the time to double down and work harder. Be more bullish.”
Looking at his chart, the analyst suggests that Bitcoin will reach the $140,000 level in 2026.
Bitcoin is trading for $87,943 at time of writing, up marginally on the day.
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