Top Crypto Trader Says Bitcoin Bottom Is In, Gives BTC Prediction For Next Four Months
A popular crypto trader says that Bitcoin (BTC) has bottomed and the beginning of a bull run is now imminent.
The pseudonymous trader known as Kaleo says his 536,100 Twitter followers the opportunity to buy Bitcoin under $20,000 will not last long.
“Every day Bitcoin is under $20,000 is a gift. That said, three months of Christmas feels like more than enough. Send it fast.”
Caleo User inverted price charts to compare Bitcoin’s bottom process in 2018 with the last year. According to the closely followed trader, both cycles are very similar, which supports the idea that BTC has already bottomed and is approaching a bull run.
“Just a reminder – I still think the bottom is in. Here’s another look at the 2021 ATH (all time high) cycle vs the 2017 ATH cycle. Up is imminent.”
Zooming in on a shorter time frame, Kaleo too says Bitcoin shows strength by treating a previous downward resistance level as support.
“Nice little bounce on the retest.”
Caleo point to the correlation between Bitcoin’s price and the halvings, which are when block rewards are halved, theoretically creating a supply shock on BTC. According to the trader, Bitcoin’s current price action is historically in line with previous market cycles.
Based on his chart, Kaleo predicts a rally to about the $35,000 level in the next four months or so.
“If you believe in the BTC halving cycle, this is your reminder that the extended period of lack of volatility in the bear market base area is perfectly normal. Zoom out. Patience pays off.”
Bitcoin, the largest digital asset by market capitalization, is changing hands at $19,793 at the time of writing.
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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.
Featured image: Shutterstock/antishock/Sol Invictus
