Cryptocurrency industry Kaleo, one of the most famous analysts, is the leading cryptocurrency. bitcoin‘of (BTC) commented on the latest situation.
BTC has recently started to move sideways in a narrow range again, and this may be due to the similar movement of the US stock markets.
New Bitcoin Forecast from Kaleo
The famous analyst, in a statement to his more than 476,000 followers, stated that this situation should last a very short time.
The analyst states that he watches the BTC price and that it is not in USD, but S&P 500 He stated that it should be followed as index parity.
Analyst, BTC/SPX He thinks that BTC’s price action can be understood by looking at its parity.
According to the analyst, although the BTC/USD pair formed a double top formation in November 2021, BTC/SPX never did so and there is still room for bullishness.
This chart is 10x cleaner than BTC/USD and shows very strong support, especially at the upper support point of 2017. In addition, it did not achieve a false rise like in October/November. Looking at that, I expect a serious rally.”
In another analysis he shared before this prediction, the analyst drew attention to how the correlation between BTC and SPX deteriorated.
While BTC had an almost 1:1 correlation before, it now appears to be largely divergent. This could definitely mean a very serious change and a chance to rise for the BTC price. If BTC is currently $46,000 does not give up its support.
