Positive market sentiment can be seen in 2023 as Bitcoin’s price has increased from $16,500 to $24,500 since the beginning of the year.
The present market has prompted one prominent cryptocurrency trader and analyst to share his bullish outlook on Bitcoin (BTC) as the flagship cryptocurrency attempts to break above its resistance level of $25,000.
The crypto analyst who goes by the alias Kaleo told his followers on Twitter that the price of bitcoin is getting closer and closer to the $40,000 mark.
Here’s his stance on the BTC movement before halving.
At the time of writing, Bitcoin was trading for $23,888.01 with a 2.16% daily drop. However, according to Kaleo, a rally above $40,000 could be in store “over the next several months.”
Kaleo’s chart projections suggest that the crypto asset could hit the high $30,000s and low $40,000s between April and July of 2023. Following this rally, Bitcoin would likely retrace to the mid $20,000 range heading into 2024 before beginning a bull run that culminates in a new all-time high by late 2024 or early 2025.
In light of this, Kaleo offers a roadmap through the next halving, with new all-time highs on the horizon. Though it may feel far off and challenging, it will all happen in the blink of an eye.
$26K or $30K: Where it will leg up?
Kaleo elaborated on his short-term forecast, stating,
#Bitcoin / $BTC
Squeeze back to ~$26K to retest upper resistance from here makes sense LTF.
Timeline will be ecstatic about break out of pennant, but a retrace back to high 24s followed by more chop in the upper part of the range before we see the leg up to $30K sounds right. pic.twitter.com/0kz5bfxm53
— K A L E O (@CryptoKaleo) February 21, 2023
Bitcoin may compress back to $26,000 to retest the upper barrier on a long-term basis, according to the pseudonymous crypto analyst and trader. A breakthrough from this pennant pattern is projected to be followed by a retrace to the high $24,000s and choppy activity in the upper range before a leg up to $30,000.
The analyst will only consider altcoins once Bitcoin dominance is above 50%. According to his analysis, he will consider BTC once its Dominance is predicted to rise with Bitcoin’s strength, and a return to above 50% dominance is needed before considering most altcoins again.