“The bitcoin price is rebounding from a 56% price drawdown, post a 228% recovery. Historically what comes next is yet another massive recovery. So, no matter how hard it feels right now, make it your goal and give it your best shot and buy””–Paul Ebeling
Pseudonymous trader Kaleo tells his 526,200 Twitter followers Bitcoin will trade in a sideways range, also known as being in a crab market, before exploding to a new all-time high possibly after the early-2024 halving.
According to Kaleo, the flagship crypto asset is likely to range between $16,000 and $30,000 for the next 5 months before breaking North.
“Most likely path from here is seeing a base range between $16,000 – $30,000 established, that eventually resolves around December when price finally breaks above high time-frame diagonal resistance.
Expecting a few months of rapid, overhyped growth in early 2023 which does not result in a new all-time high. Capping out somewhere in the $50,000 makes more sense, but this growth should have an associated mini altcoin season.
Next 18 months or so through the next halving in March of 2024 defined by a crab market staying above high time-frame logarithmic support.
While Bitcoin remains in a crab market, new altcoin narratives start to spring up and the NFT [non-fungible token] market starts to pick up steam.”
Kaleo says Bitcoin will hit a new all-time high of at least $110,000 months after the next halving.
“Late 2024 / early 2025 we finally see a new Bitcoin all-time high and six-figure BTC.
I want to clarify – I think BTC *does* go higher than what this chart shows ($110,000), but even if that’s all we see… that’s still a 5x+ from current prices in less than two and a half years. That’s not bad at all. Might even be just enough to outpace inflation.”
At the time of this writing Bitcoin is trading at $21,654.90
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Have a prosperous weekend, Keep the Faith!