Bitcoin (BTC) almost finished ripping, says top crypto trader – here’s his goal
A widely followed crypto analyst says that Bitcoin (BTC) has much more room to run higher after forming a bullish market structure.
Pseudonymous analyst Kaleo says his 563,800 Twitter followers that Bitcoin is likely to run up and test its diagonal resistance at $27,000.
At that point, he predicts a temporary retest before Bitcoin rises even higher.
“Looking for this move to continue sending to the upper diagonal resistance in this area near $27,000 before seeing much of a pullback.”
Looking at his chart, Kaleo predicts that Bitcoin will reach around $40,000 in April, an increase of more than 54% from its current value.
Bitcoin is trading at $25,899 at the time of writing after plunging into the $19,000 price level last week.
Caleo says Bitcoin’s price action is similar to the rally in mid-February when the king crypt entered new highs.
“Current PA (price action) is incredibly reminiscent of the mid-February rally that established new range highs.”
Kaleo had warned investors about price volatility linked to the morning release on March 14 of the latest consumer price index (CPI) data, which is often interpreted as an indicator of whether the Federal Reserve will remain hawkish on cutting inflation.
“Regardless – I’d still tread carefully into tomorrow’s CPI print. Expect the price to settle higher – but expect the typical extreme volatility to happen alongside it.”
With the release of the CPI data, which showed signs of cooling inflation, Kaleo became reconfirms his price prediction.
“STRAIGHT TO RESISTANCE W/ NEW SERIES HIGH.
NOT BAD.”
Kale too warns investors that altcoins are unlikely to outperform Bitcoin in 2023 and will not fall victim to the sunk cost fallacy, which is the tendency for people to irrationally stick with old investment decisions even after being proven wrong.
“Be careful of the sunk cost fallacy you hold in your alt bags. If you have zero exposure to Bitcoin, the belief that “it’s only a matter of time before my bag catches up because BTC is so boring” will likely cause you to underperform most of 2023.
However, Kaleo says altcoins are set for a new chapter next year.
“2024/2025 is a different story.”
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