dailyhodl.com 5 h Reading time: ~2 m
A widely-followed crypto analyst and trader is expressing bullish sentiment on Bitcoin (BTC) as the flagship currency attempts to break its $25,000 resistance level.
The crypto analyst pseudonymously known as Kaleo tells his 563,900 Twitter followers that Bitcoin is eyeing the $40,000 price level.
“$40,000 is a magnet.”
Bitcoin is trading at $24,137 at time of writing.
According to Kaleo, Bitcoin could rally to above $40,000 “over the next several months”.
Based on projections drawn on a chart Kaleo released earlier this week, the crypto asset could reach a price of the high $30,000s and low $40,000s between April and July of 2023.
Subsequent to that rally, Bitcoin would retrace to the mid $20,000 heading into 2024 before kicking off a bull run that would culminate in a new all-time high by late 2024 or early 2025.
“And here’s your road map through the next halving
new ATH’s soon enough
It might seem far off, and it’ll feel like hell
but it’ll all happen in the blink of an eye.”
On Bitcoin’s immediate path forward, the pseudonymous crypto analyst and trader says,
Squeeze back to approximately $26,000 to retest upper resistance from here makes sense on long-time frame.
Timeline will be ecstatic about break out of pennant, but a retrace back to high $24,000s followed by more chop in the upper part of the range before we see the leg up to $30,000 sounds right.”
The popular crypto analyst and trader is also saying that Bitcoin dominance is on an upward trajectory and he will only consider altcoins once the dominance level is above 50%.
“As Bitcoin continues to strengthen, BTC Dominance does with it.
Looking for a return to greater 50% [Bitcoin dominance] before really looking into the majority of alts seriously again.”
Bitcoin’s dominance level is at around 42.5% at time of writing.
Generated Image: Midjourney