A prominent analyst discusses what he thinks will happen to Bitcoin (BTC) for the rest of the year.

The person known in the industry as Kaleo examines the similarities between the Bitcoin chart in July 2020 and now.

Kaleo told his 332,000 Twitter followers that Bitcoin, along with Nasdaq, followed the tech boom around this time last year. This time he’s looking for rhymes.

“Remember a year ago everyone thought BTC looked awful. Take profits before they drop below $ 6,000 while the tech sector is in full swing.

It wasn’t long before history changed. “

BTC / USDT 4-hour chart | Source: Kaleo

Kaleo noted that the Bitcoin chart looked bearish in mid-July, but then BTC rebounded sharply.

“Especially from the 9th to the 20th the graph looks terrible. But since then it has been on a vertical rise. “

BTC / USDT 4-hour chart | Source: Kaleo

Kaleo used the price fractal from July 2020 to draw a short-term path for BTC. According to the analyst’s chart, Bitcoin could consolidate by the end of July, then take off, reaching $ 48,000 in August.

“That doesn’t mean the story is perfectly mirrored, but it often rhymes.”

BTC / USDT 4-hour chart | Source: Kaleo

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.

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