Popular analyst Kaleo predicts that Bitcoin and the stock market will turn parabolic before collapsing with a recession peak.
During a discussion with Jake Wujastyk from Trend Spider, Kaleo revealed his “strategy” for looking at the crypto market.
According to him, the digital assets space is going through a similar market cycle as technology stocks in the late 1990s, arguing that Bitcoin hasn’t fallen much from its current price level.
“At least my entire strategy basically follows the tech bubble 2.0 story and I think crypto is a good fit. It will be similar to what we saw from 1999 to 2000, with the peak of the market downturn coming around March in both stocks and cryptocurrencies, but technology stocks in particular.
Then I think that cryptocurrency is even beyond technology. Including BTC, ETH, other coins.
In the short term, the price will no longer fall as sharply as we are. “
The source: Kaleo
Kaleo says he’s more interested in a longer-term prediction than trying to predict the entire minute-to-minute price movement that will bring Bitcoin 330% above current levels in just a few months.
“I’m not too concerned about any micro-move, I want to zoom out on the macro price target chart and still think that BTC could climb to $ 150,000-250,000 within the next 6 months. Bitcoin may hit $ 50,000, according to the surrender wick. If so, you will see more options. “
Analyst Benjamin Cowen is also of the opinion that Bitcoin is in the middle of a classic upward trend.
In a new strategy session, Cowen said that BTC is showing standard bullish price action. However, he is also pondering the possibility of Bitcoin falling below the support band for the bull market. This band consists of a 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA).
“This development seems like a normal upward trend to me. Bitcoin is in this general upward trend right now and some are asking, “Can the price fall?” Yes, of course it is possible. Will the price drop to $ 53,000? That’s right … there is certainly a possibility that BTC is not holding the bull market’s support band as support. There is always this possibility. If that happens, BTC might be back in the race in 3 months. “
The source: Benjamin Cowen
While another drop to $ 53,000 and beyond is likely, Cowen provides one reason why Bitcoin currently has more upside than downside. He noted that a price dip below a support band for the bull market often occurs after prices break well beyond it, such as a market cycle high in 2018.
The analyst says that Bitcoin’s current uptrend began after a reversal of $ 30,000, reminding us of the 2017 BTC rally that has so far not rebounded too far above the Bitcoin support band.
“Whenever there has been a rally to the bull market’s support band, the price has always held as support because it hasn’t strayed too far from it. Until that happens, a new market cycle top can emerge.
You can see the May price was too far off the support band and BTC couldn’t hold it … what’s going on now? The price hasn’t stretched that far and I assume it will hold up. “
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