An analyst with a large following updates his perspective on leading crypto Bitcoin. The analyst predicts that BTC will reach its all-time high earlier than expected. Additionally, the analyst shares the outlook for Shiba Inu rival PEPE.
Analyst withdrew ATH date for Bitcoin!
cryptokoin.comAs you follow from , the market went on a rollercoaster ride during the week. As we move towards the weekend, the reds are starting to burn. However, according to analysts, there is no problem with this. Kaleo, pseudonymous crypto analyst, says he believes Bitcoin will reach all-time highs (ATH) sooner than previously thought. The analyst now predicts that BTC will reach ATHs by the middle of next year. In this context, Kaleo makes the following statement:
Slowly but surely this is happening. The only correction I would make to the thesis here is that I wouldn’t be shocked to see new Bitcoin ATHs a little earlier than stated in the original thesis (mid-2024 instead of late 2024/early 2025).
All the stars are aligning to make 2024 special!
The analyst also says that Bitcoin remains in an uptrend despite a temporary dip to the $40,000 level recently. Kaleo said, “The last decline we experienced was nothing but a healthy correction after a major parabolic extension. “I believe we have established the upper and lower bounds of a new range that we will likely trade within for the next month or two before continuing higher.” says. Additionally, the analyst makes the following assessment:
As stocks continue to climb to new ATHs, I see nothing slowing Bitcoin from continuing its path of price discovery if we receive approval for a BTC ETF next month. If we add the halving in April, we are ready for a great year. 2024/2025 will be very bright.
The analyst believes that the current strong performance of the Invesco QQQ Trust (QQQ), which includes the largest technology companies, is another reason to be bullish on Bitcoin. Because, in his opinion, this shows the level of interest investors will show in a spot Bitcoin ETF that is likely to receive approval next month. In this regard, the analyst makes the following comment:
The technology index is on the verge of printing new ATHs. It’s crazy that this could happen until a potential ETF approval for Bitcoin (and perhaps not too long after ETH) and Bitcoin’s halving soon after. All the stars are aligning to make 2024 special.
Kaleo: Until now, I will not go long on PEPE!
Then, the analyst updates his perspective on Pepe (PEPE) after the mem-coin’s uptrend broke down. In this context, Kaleo shares the following prediction for his Shiba Inu rival PEPE:
For now, the return to ATHs scenario for PEPE is invalid. I won’t go long until we see some bullish momentum and $0.0000018 regained. It would not be a surprise to see a return to the bottom of this range near $0.000001.
Meanwhile, PEPE was trading at $0.000001374 at the time of writing, down 4.5% on a daily basis. PEPE is down over 10% in the last seven days. However, the meme coin recorded a gain of approximately 14% on its monthly chart.
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