Kaleo, a popular Bitcoin and altcoin whale and analyst, shared his latest expectations for the market. The analyst referred to various crypto money projects and conveyed the levels to be followed. Meanwhile, he also talked about Bitcoin (BTC), the largest crypto by market cap. Here are the details…
Analyst: Short squeeze for bitcoin is on the way
The analyst believes that Bitcoin (BTC) appears poised for a rapid rise. Kaleo told his 553,400 Twitter followers that Bitcoin could be geared up for a “short squeeze.” The analyst thinks that BTC is ready to break out of the $16-17k fundamental range, where it has been stuck in the past few weeks.
A “short squeeze”, as we report on cryptokoin.com, occurs when traders who borrow an asset at a certain price are forced to short sell and buy back the asset as the price rises, hoping to sell it lower to pocket the difference. Looking at Kaleo’s chart, it seems that he thinks Bitcoin can go up to $18,800. At the time of writing, Bitcoin is changing hands at $17,246.
What’s next for Ethereum?
As for Ethereum (ETH), the crypto strategist also thinks that the best smart contract platform is ready for a rally. He thinks Ethereum will take the next step, especially in the $1,400 range. But he believes we will see some pullback and consolidation at that point before continuing. At the time of writing, Ethereum is worth $1,316. The crypto strategist also watches the S&P 500 (SPX) closely. According to Kaleo, SPX looks ready to raise its resistance at 3,900 points. Traders have their eyes on SPX as crypto markets tend to reflect the movements of the stock market index.
What are the other comments on bitcoin and altcoin markets?
On the other hand, an analyst named Inmortal shared his comments for Bitcoin and an altcoin. Inmortal told its 190,400 Twitter followers that if Bitcoin drops to $12,500 later this year, we will see a capitulation. But before that event, he said he saw Bitcoin approaching $30,000 in the coming months. The analyst used the following statements:
Two relevant levels: 2018 and 2021 open annually. > There will be bear market rally in mid 2023 > BTC will be below 20,000 at the end of Q4.
A move towards Inmortal’s target shows a potential upside of around 77 percent for BTC. On the other hand, looking at Ethereum rival Solana (SOL), Inmortal expects the smart contract protocol to rally close to 50 percent in the next few months. According to the crypto strategist, traders continuing to sell on Solana will be the catalyst for SOL’s rally towards its price target.
Buyers under $10 are “doing pretty well,” according to the analyst. Also, the analyst says that Solana could rise above $20 in the first quarter of this year. Finally, the crypto analyst predicts a quick rally for the altcoin in Ethereum before pulling back to support. It calls first for a long position, then for a short position.
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