kaleo popular analyst, known by the pseudonym, bitcoin and he thinks that the crypto-asset exchange may proceed ‘parabolic’ together before reaching a peak.
Speaking in a session with Trend Spider’s Jake Wujastyk, Kaleo also revealed his own strategy while taking a close look at the crypto markets.
According to Kaleo, the “digital asset space” is going through a market cycle similar to that experienced by tech stocks in the late 1990s, and he doesn’t think it could drop much lower than Bitcoin’s current price.
“For me at least, my whole strategy is ‘basically’ very similar to the tech bubble 2.0 narrative, and I think the crypto asset market follows that narrative as well. I see the current scenario very close to the scenario between 1999-2000, as it will be remembered, assets peaked in March at that time and I expect crypto assets to peak in March in a similar way to that period. This scenario will happen in both stocks and crypto assets (the explosion will happen especially in crypto assets).
If you ask me, cryptoassets have gone beyond this technology sector. For example Bitcoin, Ethereum etc. assets. I think in the short term there is little reason for us to be lower than where we are now.”
Kaleo, bitcoinHe pointed out that instead of doing the price analysis on a very short time frame, it is focusing on a longer-term forecast that places it up to 330% higher than its current price in a few months.
“I don’t get stuck at those levels and let every micro move stress me out, I’m more focused on my macro goals. I think I’m still expecting BTC to be between $150,000 and $250,000 in the next six months. I believe that if the Bitcoin price collapses to $50,000, it will be a huge opportunity to buy rather than a negative move.”
Bitcoin is trading at $57,412 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.