Bitcoin Price Prediction: BTC Price Will Reach $40,000 Sooner Than You Think!
Kaleo, a well-known anonymous cryptocurrency analyst, and the trader have made a bold prediction for Bitcoin (BTC). In a tweet to his over 569,500 followers, the analyst stated that Bitcoin’s rally to $40,000 will happen much faster than most people think. According to Kaleo, many potential investors are waiting for a fall in prices and will be left watching from the sidelines.
He is convinced that $40,000 is a magnet for BTC and has previously set that price point as a target. The flagship cryptocurrency has experienced strong bullish momentum, and Kaleo believes it will continue.
Potential Altcoin Rally
While Kaleo remains bullish on Bitcoin, he issues a warning about altcoins. In a tweet, he suggested that a short-lived altcoin rally could occur as Bitcoin dominance temporarily reverses on its way to rising above 52%. Kaleo believes that the current BTC dominance level of 47% to 52% is the area where an altcoin season could happen.
BTC dominance is currently at 46.99% at the time of writing, according to TradingView. However, Kaleo warns that altcoins will eventually lose value against Bitcoin as the cryptocurrency asset renews its bullish momentum. The analyst advises those with an overweight altcoin portfolio to consider rebalancing their holdings and rotating some of the profits back into Bitcoin.
Bitcoin price update
Despite Kaleo’s bullish predictions for Bitcoin, the cryptocurrency’s price has fallen 3% in the past 24 hours to $27,621 at the time of writing. BTC had previously hit highs above $28,500 on Wednesday, but fell after the Fed raised interest rates by a quarter of a percentage point. However, Bitcoin has bounced back from a trough below $27,000, with the current price just below $28,000.
The decision to raise interest rates reinforced the Federal Reserve’s concern that inflation remains problematic and that it remains “strongly committed to bringing inflation back to our 2% target”. Traders of Bitcoin-tracked futures took on over $150 million in losses amid the volatility, with billions in open interest effectively washed out.
Do your own research!
While Kaleo’s predictions and warnings provide valuable insight for those looking to enter the market or adjust their existing portfolios, it’s important to remember that cryptocurrency trading is a high-risk endeavor, and all investments have the potential for loss.
