A widely known analyst predicts that Bitcoin is about to enter a second parabolic bull market part and one thing comparable may occur to Ethereum.
The particular person identified within the business as Kaleo advised his 338,900 followers that Bitcoin’s second parabolic rally will carry it into the six-figure vary.
“Bitcoin / BTC. The bull cycle is not over yet. “
BTC / USD every day chart | The supply: Kaleo / Twitter
Kaleo adopted the 2017 bull market state of affairs to predict Bitcoin’s surge to $ 200,000, the place the benchmark cryptocurrency rose from $ 2,000 to $ 20,000 in simply 5 months.
“Bitcoin / BTC. It will move like that. “
BTC / USD every day chart, bull cycle 2017 | The supply: Kaleo / Twitter
Kaleo’s prediction got here when Bitcoin all of a sudden rose from a low of $ 29,360 to a excessive of $ 40,499 in lower than seven days. Even so, Kaleo is issuing a warning to merchants who plan to use leverage.
“I really feel like a lot of merchants use leverage to get into the market. Although Bitcoin has printed six consecutive inexperienced candles on the every day chart, its volatility is big. This may have a main impression on leveraged positions. Just be affected person and maintain gathering. Sooner or later, Bitcoin will soar to $ 100,000. Don’t let greed knock you down earlier than it occurs. “
Turning to Ethereum (ETH), the analyst believes the main good contract platform is now prepared to resume its uptrend.
“Ethereum / ETH has bottomed out.”
ETH / USD every day chart | The supply: Kaleo / Twitter
When Ethereum traded at $ 1,870 final week, Kaleo mentioned the main good contract platform may mirror the price motion of 2017, when ETH rose from $ 200 to a excessive of $ 1,440 in 2018.
According to Kaleo, he sees Ethereum set off a comparable rally within the present cycle to hit a new all-time excessive of $ 18,000 by July 2022.
You can see the BTC and ETH costs right here.
Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a resolution. We are not accountable for your funding selections.
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According to Dailyhodl
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