Kaleo, a popular crypto analyst and trader, has stated that Bitcoin (BTC), the largest crypto by market cap, will see about a 400% breakout, but thinks the digital asset may not revisit its price all-time high within the next two years.
According to the pseudonymous trader, Bitcoin will trade in a sideways range for at least two years before exploding to a new all-time high. This price breakout will possibly take place after the early-2024 halving.
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Kaleo said Bitcoin (BTC) will possibly range between $16,000 and $30,000 before seeing a major breakout.
“Most likely path from here is seeing a base range between $16,000 – $30,000 established, that eventually resolves around December when price finally breaks above high time-frame diagonal resistance.
“Expecting a few months of rapid, overhyped growth in early 2023 which does not result in a new all-time high. Capping out somewhere in the $50,000 makes more sense, but this growth should have an associated mini altcoin season.
“Next 18 months or so through the next halving in March of 2024 defined by a crab market staying above high time-frame logarithmic support.
“While Bitcoin remains in a crab market, new altcoin narratives start to spring up and the NFT market starts to pick up steam…
“Late 2024 / early 2025 we finally see a new Bitcoin all-time high and six-figure BTC.
“I want to clarify – I think BTC *does* go higher than what this chart shows (~$110,000), but even if that’s all we see… that’s still a 5x+ from current prices in less than two and a half years. That’s not bad at all. Might even be just enough to outpace inflation.”