A well-known cryptocurrency whale nicknamed ‘Kaleo’ talked about an Ethereum-based altcoin project set to reverse its trend in his current analysis.
Cryptocurrency whale follows the trend of institutional investors
Crypto whale Kaleo, known for his accurate altcoin analysis, thinks that Ethereum scaling solution Polygon (MATIC) is probably ready to reverse its trend. “After a nice 20% drop from a few weeks ago, MATIC looks poised for a reversal,” he said in their latest analysis.
According to Kaleo’s chart, MATIC will likely visit the $1 zone before MATIC reverses its trend and recovers to $1.70. MATIC is currently trading near this level at $1.09.
Kaleo also updates its Bitcoin forecasts
The crypto strategist later suggested that Bitcoin could start a parabolic surge in the coming months. Based on the levels he magnetically points to on the chart, he thinks Bitcoin could climb as high as $40,000 in this surge.
A closer look at the analyst’s chart shows that he thinks Bitcoin could rally as high as $45,000 in May before setting up a bull trap and correcting by around $37,000.
What does on-chain data say about Bitcoin?
On-chain analytics company Glassnode analyzed how Bitcoin is doing in terms of on-chain performance in its latest report. According to the data provider, the BTC price dropped to $22,199 last week, violating key price levels. These levels relate to investors older than the previous cycle and whale assets that have been active since the 2018 cycle.
According to Glassnode, the average of BTC’s Net Unrealized Profit/Loss metric (NUPL) has moved from net unrealized loss to positive since mid-January. This is a sign that the typical BTC holder currently has net unrealized profits of around 15% of market cap and is similar to transitional phases in previous bear markets.
Still, Glassnode warns that the adjusted version of the NUPL announcing the lost coins shows that the market is just slightly below the breakeven point. Simply put, this can still be considered a bear market zone.
Analysis of volume data
Glassnode found that BTC’s Transfer Volume has increased by 79% since early January, reaching $9.5 billion per day. In fact, the report described it as a positive sign of growth.
He added a caveat, however, that this is well below the annual average, which has been heavily impacted by significant FTX/Alameda-related volumes. It also remains a good indication that the end of the bear market may just be coming.
As Kriptokoin.com, we have included the critical developments and dates of March, which may have a direct impact on Bitcoin and the market in general, in this article.
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