A popular crypto strategist does not expect Bitcoin (BTC) to hit all-time highs in the next two years. However, the analyst discussed the possible BTC scenario that may occur during this time. Here are the details.
The trader, known by the alias Kaleo, told his 526,200 Twitter followers that Bitcoin will reach an all-time high after the Halving in early 2024. told. He thinks he will trade in a horizontal range before this date. Such a scenario appears as a “crab market” (a market trend in which an asset continues to move around the same price for an extended period of time, neither entering a bull market nor a bear market).
According to Kaleo, the flagship crypto asset is likely to trade between $16,000 and $30,000 over the next five months before surging upwards.
“The next most likely path is to see a key range form between $16,000 and $30,000; this formation is eventually resolved around December when the price will break above the cross resistance on the higher timeframe.
Rapid, exaggerated growth is expected for several months in early 2023, but this will not result in an all-time high. It makes more sense to cap somewhere around $50,000, but this growth should create an associated mini altcoin season. […] While Bitcoin remains in a crab market, new altcoin narratives will begin to emerge and the NFT market will gain momentum.”
Besides, Kaleo said that Bitcoin will reach an all-time high of at least $110,000 months after the next Halving.
“In late 2024 – early 2025, we will finally see six-digit Bitcoin reaching an all-time high.
I want to clarify – I think BTC will go higher than this chart shows (around $110,000)… But even if that’s all we’re seeing… it’s still over 5x higher than current prices in less than two and a half years. This is not bad at all. It may even be enough to outrun inflation.”
You can follow the current price action here.
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.