Bitcoin (BTC) explodes by over 65%, according to popular crypto analyst – here’s the timeline
A widely followed cryptoanalyst and trader expresses bullish sentiment on Bitcoin (BTC) as the flagship currency tries to break the $25,000 resistance level.
The cryptanalyst pseudonymously known as Kaleo says his 563,900 Twitter followers that Bitcoin is eyeing the $40,000 price level.
“$40,000 is a magnet.”
Bitcoin is trading at $24,137 at the time of writing.
According to Kaleo, Bitcoin could rally to over $40,000 “over the next few months”.
Based on projections drawn on a chart Kaleo released earlier this week, the crypto asset could reach a price of the high $30,000s and low $40,000s between April and July 2023.
Following this rally, Bitcoin would return to the mid-$20,000s heading into 2024 before embarking on a bull run that would culminate in a new all-time high by late 2024 or early 2025.
“And here is your road map through the next halving
new ATH is soon enough
It may seem far away, and it will feel like hell
but all will be done in a moment.”
On Bitcoin’s immediate path forward, the pseudonymous cryptoanalyst and trader says,
“Bitcoin/BTC
Squeezing back to about $26,000 to retest upper resistance from here makes sense on a long-term basis.
Timeline will be ecstatic to break out the pennant, but a pullback to the high $24,000s followed by more notching in the upper end of the range before we see the leg up to $30,000 sounds about right.”
The popular cryptoanalyst and trader is too saying that Bitcoin dominance is on an upward trajectory and he will only consider altcoins when the dominance level is above 50%.
“As Bitcoin continues to strengthen, so does BTC Dominance with it.
Looking for a return to greater 50% [Bitcoin dominance] before you really look at most altars seriously again.”
Bitcoin’s dominance level is at around 42.5% at the time of writing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
