The cryptocurrency market is stuck in the midst of a bear market that has left investors and traders in despair. Some analysts speak of a longer winter, while others say that spring is near. One crypto analyst claims that the next rally will catch traders off guard. Sharing his new predictions, the analyst says that the Bitcoin (BTTC) trend continues.
“Leading crypto prepares for rally”
A popular crypto analyst and trader nicknamed Kaleo says that Bitcoin (BTC) is poised for a rally that has left many traders on the sidelines. The analyst says he is looking at the inverted chart of Bitcoin. Because investors sometimes look at an asset’s inverted chart to check their bias from a different perspective. According to Kaleo, the leading cryptocurrency is laying the groundwork for a massive rise. For this, he notes that a new Bitcoin trend continues. The analyst makes the following assessment to explain his prediction:
I see more 2018 bear market fractal comparisons used for this range. I’m not really a fan of this idea. I think we’ve already seen this big crash. We are currently in the collection phase. The rally will catch everyone off guard.
Source: Kaleo / TwitterAccording to Kaleo’s chart, Bitcoin is following a course that will record an increase of over 100% from its current price. So this prediction marks a rally for BTC to around $40,000.
“Bitcoin will go to $20,000 in the short term”
Meanwhile, the crypto analyst is also monitoring the performance of the Grayscale Bitcoin Trust (GBTC). GBTC is a financial instrument designed for institutional investors to invest in Bitcoin without holding the underlying asset. According to Kaleo, GBTC’s recent price action is close to its performance in the final stages of the 2018 bear market. “It’s pretty much a copy,” the analyst says. According to Kaleo, this indicates that the leading crypto has bottomed out and is preparing for a recovery rally. In this context, the analyst uses the following statements:
Here is another higher timeframe fractal on the GBTC chart to support the bullish trend.
Source: Kaleo / TwitterAt press time, Bitcoin is trading at $19,144, up 0.70% on a daily basis. Although the leading crypto rises above the psychological level of $ 20 thousand, it cannot protect it for a long time. As you follow on Kriptokoin.com, the hawk is struggling to stay above $19k after falling from this support, due to the influence of the Federal Reserve. However, Kaleo predicts that Bitcoin will go to $20,000 in the short term. For this he says:
Squeeze will set him up for over $20,000.
Source: Kaleo / Twitter
39309
