Top Analyst Shares Bullish Bitcoin (BTC) Outlook, Calls $40K a Magnet — Here Are His Charts

Kaleo believes a $40,000 BTC price is inevitable in the coming months, especially with the next BTC halving edging closer. According to the popular crypto strategist, the next bull run is officially in motion and he expects bitcoin (BTC) to clinch a new all-time high around late 2024 or early 2025.

$40,000 is a magnet

The expected and much-talked-about bitcoin (BTC) bull run might just be around the corner after a recent confirmation from a pro technical analysis expert. 

While sharing his bullish sentiments on the leading cryptocurrency in a series of tweets, the pseudonymous crypto strategist, Kaleo asserted that Bitcoin (BTC) will explode by over 65% in the coming days, weeks, or months. 

That is, Kaleo believes that bitcoin, which was trading for $23,340 per coin at the time of the prediction will skyrocket to the $40,000 level or probably higher. According to the widely followed expert, “$40K is a magnet”. 

Next Bitcoin bull run is in motion

Beyond that, Kaleo predicts that BTC will reach a new all-time high (ATH) most unexpectedly, citing the anticipation of the next bitcoin halving as a possible catalyst. 

He wrote, “…here’s your road map through the next halving. New ATH’s soon enough. It might seem far off, and it’ll feel like hell but it’ll all happen in the blink of an eye.”

However, the analyst isn’t expecting a one-way upward ride to a BTC all-time high. As per the chart he shared, bitcoin would have to fall back to the $23,000 level where it has its key support, and then pick up momentum to break the $40,000 resistance around late 2024 and early 2025 after the next Bitcoin halving. 

Short-term Bitcoin (BTC) price

For day traders and maybe swing traders, Kaleo performed an analysis of the bitcoin price using the low timeframe (LTF). 

Per his analysis, the largest cryptocurrency by market cap, which is currently encountering mild resistance at $25,000 will eventually overcome it, reaching the $30,000 level in the next couple of hours or days. 

He wrote, “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.”

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