A popular crypto strategist predicts a rise in the price of Bitcoin (BTC) as he charts the possible trading range of BTC in the coming months.
Pseudonymous Kaleo Analyst He says his 527,900 Twitter followers that a strong Bitcoin rally is imminent.
The Kaleo chart predicts a big Bitcoin bounce to around $28,000 in the near term before another leg below $20,000, which would then be followed by a grind to $30,000.
the crypto strategist He says that this range-bound environment is the “most likely” scenario for Bitcoin in the coming months.
“I still believe the most likely outcome is a range between $20,000 [and] $30,000 for at least the next couple of months, so while a bounce from here could take us to around $30,000, I don’t see that as something to get too excited about just yet.”
Kaleo also says that even if BTC bulls can start a relief rally, he warns traders that the rise will likely not be the start of a new bull market.
“Although the next leg we will see in this $20,000 mini-range that we are stuck in will not necessarily signal the shift in momentum for a new sustainable bull market, it will provide some much-needed relief from the months of bearish price action we have seen recently. .
I hope it’s fun, but don’t let it turn into greed and consume you completely. Be patient, keep stacking, survive the crab, and be a king in 2024/2025.”
At the time of writing, Bitcoin is trading hands for $20,931, down 2.34% on the day.
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