Cryptocurrency trader, known under the pseudonym Kaleo, Bitcoin expects the price to climb to new peaks sooner than expected.
Kaleo, which has more than 600,000 followers on Twitter, predicts that BTC could reach its peak price in mid-2024 rather than reaching it in early 2024 or early 2025. thinks.
Slowly but surely this is playing out.
NEWS CONTINUES BELOWThe one adjustment I’ll make to 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). pic.twitter.com/GhEt6bSlJk
— KALEO (@CryptoKaleo) December 14, 2023
NEWS CONTINUES BELOW
Kaleo also stated that Bitcoin is still in an upward trend despite the recent temporary declines.
As I discussed in yesterday’s stream, 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… pic.twitter.com/JOizKeJq3Q
— KALEO (@CryptoKaleo) December 13, 2023
Kaleo also noted that the strong performance of the Invesco QQQ Trust, which includes major technology companies, is a positive sign for Bitcoin. This is a significant development that could reflect investor interest in a potential BTC ETF that could be approved as early as next month.
It was previously reported that Bitcoin’s performance in 2023 was outperforming the gains of the Nasdaq, S&P 500, and Gold, recording a 156% year-to-date increase. A significant increase in institutional participation in cryptocurrencies has primarily caused this surge.
The coming year is also expected to bring new exciting details such as Ordinals (ways to create Bitcoin NFTs), the halving event, and a rapid increase in on-chain activities. These developments, combined with the potential approval of Spot Bitcoin ETFs, could pave the way for an optimistic outlook for 2024.