Bitcoin and Ethereum to Resume Uptrend – Kaleo
A crypto analyst named Kaleo has expressed his belief that Ethereum (ETH) is preparing for a massive surge in price this year.
The analyst has over 562,500 followers on Twitter and shares his insights on the cryptocurrency market.
Prediction for Ethereum
Kaleo believes that the price action of the altcoin may be following a similar pattern as it did between 2018 and 2020, when the price of ETH increased from a low of around $80 to $480.
The analyst predicts that Ethereum has the potential to reach $3,000 in the coming months.
At the time of writing, Ethereum is trading above $1,500, which means that if it reaches Kaleo’s target, there will be a potential increase of nearly 100%.
Every major run up has minor pullbacks where you'll hear from the crowd that the move is over.
ETH still has higher to send this year. pic.twitter.com/qb2YhFA78W
— K A L E O (@CryptoKaleo) February 10, 2023
READ MORE: What is the Impact of Central Bank Digital Currencies (CBDCs)?
Prediction for Bitcoin
The crypto analyst also shared a prediction for the most prominent cryptocurrency. He believes that before it resumes its rally, it will experience a pullback to the low $21,000 region.
Kaleo still believes that $30,000 is a valid target for Bitcoin. He says that the current bearish momentum presents an opportunity for accumulating more coins.
Didn’t get the initial break higher I was hoping for, but I still believe we’ll see a bounce off the retest of the HTF trend breakout acting as support.
Just gives a bit more of an opportunity to stack.
$30K is still a magnet. pic.twitter.com/klMYSa7c0d
— K A L E O (@CryptoKaleo) February 9, 2023
In September 2017, Bitcoin also experienced a deep correction from around $5,000 to below $3,000. Still, it rallied to a high of $20,000 in the same year.
Conclusion
In conclusion, Kaleo believes that despite the current bearish momentum, the cryptocurrency market has the potential for growth and recovery.
The analyst reminds his followers that corrections and pullbacks are expected in the crypto market and should not be cause for concern.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
