Bitcoin (BTC): Towards violent upside movements?
The recent developments in the Bitcoin (BTC) market have raised numerous questions among analysts about the future evolution of the flagship cryptocurrency. While many forecasts predict a sharp decline in Bitcoin (BTC) value, some observers stand out by displaying a more optimistic perspective. One such individual is the renowned crypto analyst Kaleo, whose recent analysis we invite you to discover.
The queen of the cryptos could surge above $40,000
In contrast to Michael J. Kramer, whose rather gloomy forecasts we shared yesterday, Kaleo envisions a more positive scenario for the cryptocurrency. The crypto specialist took to Twitter to announce his anticipation of a strong comeback for Bitcoin (BTC). He specifically mentioned violent upside movements that should be observed very soon. He added that this upward trend is expected to extend until the month of July.
Kaleo noted that the flagship cryptocurrency plunged below a significant high-timeframe support level (HTF) for several days. However, he also mentioned that it is currently recovering that support level. According to the analyst, this behavior typically heralds a violent surge in prices.
In this context, Kaleo declared that the price of BTC will surpass the $40,000 mark by July. This amount represents an increase of over 44% compared to the current value of Bitcoin. It should be noted that the BTC token is currently trading around $26,700.
Kaleo predicts an increase for Bitcoin’s main rival (BTC)
Earlier this month, Ether (ETH) dropped below the $1,800 mark. However, according to trader Kaleo, Bitcoin’s main rival is now trading at fork heights. The analyst emphasized that Ether won’t waste any time in reclaiming the $2,000 level.
“Run it back to $2,000 with haste,” Kaleo stated on Twitter. It’s worth mentioning that Ether is currently trading around $1,820. The second-largest cryptocurrency after Bitcoin by market capitalization has experienced a decline of over 2% in the last 24 hours.
While Kaleo predicts a violent surge for Bitcoin, today’s technical analysis foresees a descent to $25,000 for the flagship cryptocurrency. Analysts highlight that the mother of all cryptos exhibits considerable volatility. However, it has not yet shown signs of a significant medium-term movement.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.