Bitcoin: Trader Predicts Surge to $40,000
Bitcoin (BTC) has had a tumultuous journey recently, but the world's largest cryptocurrency is back on track, according to Kaleo, a popular crypto analyst.
In a tweet, he expressed his bullish sentiment for Bitcoin and shared his projections for its price over the next few years. The flagship currency has been hovering around the $24,000 mark, but Kaleo believes that it’s poised for a surge to $40,000 in the coming months.
Kaleo, who has over 560,000 followers on Twitter, has been one of the most vocal proponents of Bitcoin’s resurgence. He has been tracking the digital currency’s movements closely and believes that it’s only a matter of time before it breaks through the $25,000 resistance level.
He has even shared a chart that shows Bitcoin’s potential price movements over the next few years.
According to the chart, Bitcoin is expected to rally to the high $30,000s and low $40,000s between April and July of 2023. After that, it’s likely to retrace to the mid $20,000s before starting a bull run that will culminate in a new all-time high by late 2024 or early 2025. Kaleo believes that these projections provide a roadmap through the next halving and that investors should brace themselves for a bumpy ride.
While Kaleo is bullish on Bitcoin, he cautions that the path to $40,000 will take a lot of work. He predicts that BTC will retrace to the high $24,000s before experiencing more chop in the upper part of the range. However, he remains optimistic that Bitcoin will eventually hit $30,000 before continuing its upward trajectory.
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Kaleo is also closely monitoring the largest cryptocurrency’s dominance, which measures Bitcoin’s market share relative to all altcoins. He believes Bitcoin dominance is on an upward trajectory and will only consider altcoins once the dominance level is above 50%.
As #Bitcoin continues to strengthen, BTC Dominance does with it.
Looking for a return to >50% before really looking into the majority of alts seriously again. pic.twitter.com/4bFopWv6tM
— K A L E O (@CryptoKaleo) February 21, 2023
According to Kaleo, as BTC continues to strengthen, so does its dominance.
Overall, Kaleo’s bullish outlook for Bitcoin is welcome news for investors who have been waiting for a sign of a sustained rally. While Bitcoin has had its ups and downs in recent years, many experts believe that it’s only a matter of time before it breaks through the $40,000 mark and reaches new heights. Whether or not Kaleo’s projections come to fruition remains to be seen, but his optimism is infectious and has undoubtedly caught the attention of the crypto community.
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.
