Top Crypto Strategist Predicts Massive Impulse Breakout for Bitcoin (BTC) – Here’s the Timeline
A popular crypto trader and analyst predicts that Bitcoin (BTC) will see a major impulse breakout in price within months.
Pseudonymous trader Kaleo tells his 535,700 Twitter followers that he expects BTC to experience a move towards a higher accumulation area, peaking at $25,000, followed by a major breakout.
Since July, he notes that the price of the royal crypt has swung around the same area for the past three months.
“Let’s start by zooming out. So far, as expected, BTC has climbed in the same price range as in July.
Kaleo says that BTC now appears to be breaking through a nearly year-long diagonal resistance line.
“BTC is on the verge of breaking above holiday frame resistance (linear chart) dating back to the November ’21 all-time high. While this is significant, I want to temper my expectations.”
Caleo says a similar trend occurred in February 2019 when a break above the holiday-frame linear resistance led to a “macro bullish pivot.” If a similar trend repeats, a 25% price increase is likely before a breakout, according to Kaleo.
“A move similar to what we saw in Feb ’19 when linear resistance was breached (around 25% higher) would bring us around $25,000.”
Kaleo doesn’t expect a moment acceleration to that area, but more of a steady climb.
“I think this area is a likely next lower timeframe target for BTC, given that it is also converging with likely resistance at the highs in the August range. Rather than an immediate acceleration, the most likely scenario is more of a notch leading to the high timeframe log resistance.”
Caleo forecasts an impulse breakout of the price will occur around mid-December.
“If we get that accumulation in the $20,000 – $25,000 range, that makes the higher volatility impulse breakout happen around mid-December, give or take a few weeks.”
Caleo tracks the run-up starts this month.
“Even with Uptober and a break higher in the next few weeks – be patient, children of the latest bull market. Better days are here, but we’re most likely not done scrambling yet.”
He add that he does not expect BTC to reach its all-time high (ATH) price. His chart shows an arrow reaching towards $31,000.
“Another thing that can’t be overstated – I don’t expect the December breakout to lead to another ATH. Just a couple of months of fun, followed by more cuts through the next halving.”
BTC is trading at $19,973 at the time of writing.
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