Top analyst reveals year-end targets for Bitcoin and says it will sell if BTC hits that level
A prominent crypto analyst says he plans to exit Bitcoin when BTC reaches a certain level.
Known in the industry as Kaleo, speak With 329,900 Twitter followers, Bitcoin is expected to rise more than 520% from its current value of $ 34,658 by the end of the year.
“I still think it will peak in the $ 185,000-215,000 range by the end of the year.”
Amid his huge bullish outlook for the benchmark cryptocurrency, Kaleo said he would start selling when Bitcoin hits its target.
“Basically, my plan is to get bullish until Bitcoin breaks the $ 150,000 mark. I will start exiting and reverse the downtrend when it falls back below $ 150,000. “
Although Bitcoin continues to trade sideways between $ 30,000 and $ 40,000 while sentiment remains largely bearish, the crypto strategist believes BTC is correlated with the tech industry. By comparing the price of Bitcoin to the NASDAQ 100, he predicts that the king of cryptocurrencies will eventually keep pace with the rapid expansion of the tech industry over the past two months.
“Bitcoin vs. Technology.
Most of you will be lazy to read this, but for those who do, I think you will find some useful data.
Look for the two red boxes.
Bitcoin will catch up and fill the gap on the growth we’ve seen in the tech sector and when it gets there it will quickly add up. “
Source: Kaleo / Twitter
According to Kaleos Chart, the tech industry has been a reliable indicator of future Bitcoin price developments since the coronavirus sold out in March 2020. He also predicted that the benchmark cryptocurrency will outperform the tech industry once the next bull run is chosen.
“When they realized the market was boiling out of control (aka the story of the tech bubble 2.0). Bitcoin will catch up with the technology and overtake it once more at the height of the madness. “
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl