A cryptocurrency whale nicknamed Kaleo is talking about an upcoming major rally surrounding the market’s biggest coins. The crypto analyst says that historical data points to a rally in the short term.
Kaleo awaits a rally in the biggest cryptocurrencies
According to the well-known crypto whale, the largest altcoin Ethereum (ETH) is preparing for a big bull run this year. Kaleo tells his Twitter followers that Ethereum’s price action reflects the situation from late 2018 to 2020, when ETH rose from around $80 to $480:
Every major rally has little pullbacks where you’ll hear from the crowd that the action is over. ETH has higher value to send this year.
According to Kaleo’s chart, Ethereum price could start a major rally towards the $3,000 level in the coming months. ETH is currently trading around $1,500, where it is halfway away from this level. If Kaleo hits its target, it means nearly 100% upside potential for the leading altcoin.
Technically speaking, ETH has been fluctuating in a wider band since January 20. During this period, $1,550 worked as an important support for ETH. The $1,650 zone has acted as a resistance where selling is concentrated. ETH and Bitcoin (BTC) are again trading in the region of $ 23,600 – $ 23,700. Kaleo says that in terms of leading crypto, we may see a pullback in the short term.
Kaleo expects these levels in BTC price
The crypto analyst believes that a pullback to the $21,000 low range is likely before continuing the rally for Bitcoin (BTC). According to the analyst, after this level, we can see a fast run to the 30,000 region:
I didn’t make the initial break higher than I had hoped, but I still believe we will see a bounce from the retest of the higher timeframe trend break that acts as support. It just gives a little more opportunity for hoarding. $30,000 is still a magnet in Bitcoin.
Amid the emerging bearish momentum, Kaleo reminds his followers that Bitcoin experienced a deep correction from around $5,000 to below $3,000 in September 2017, and then rallied to $20,000 that year. Bitcoin has now managed to make up for the losses of the FTX crash of November. On-chain analysis reveals that this crisis has changed the way investors view BTC.
Investors withdraw Bitcoin from exchanges
Ali Martinez, Twitter’s renowned on-chain analyst, based it on the way Bitcoin exited exchanges and how its investors resorted to avoiding CEXs. Information from Santiment showed that around 260,000 BTC had left the exchange’s shores since November. Also, 350,000 BTC was excluded.
cryptocoin.com As we reported, BTC was trading below $22,000 on February 12. Slightly higher than in the last 24 hours. Kaleo expects BTC to quickly recover from this level to $30,000, although he expects a correction to $21,000 in the short term.
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