The popular crypto strategist Kaleo is predicting a surge in price for Bitcoin (BTC) as he maps out its possible trading range over the next few months.
Kaleo tells his 527,900 Twitter to expect a huge Bitcoin rally soon.
“Bitcoin/BTC. Soon.â€
According to Kaleo’s prediction, Bitcoin will rise massively to the $28,000 level, followed by a brief dip to $20,000 before finally boosting all the way to the $30,000 level.
The crypto strategist says that there’s a good chance we could see Bitcoin range-bound for much of this year.
Kaleo says that even if bitcoin traders are able to ignite a bullish relief rally, he warns them not to be too hopeful about the price movement. The analyst said,
“Even though the next leg up we’ll see out of this $20,000 mini-range we’re stuck in won’t necessarily signal the shift to momentum for a sustainable new bull market, it will provide some much necessary relief from the months of bearish price action we’ve seen recently.”
He further added,
“Hope it’s fun, but don’t let it evolve into greed and completely consume you. Be patient, keep stacking, survive the crab, and be a king in 2024/2025.â€
Bitcoin is trading at $20,931, down 2.34% on the day as we write this content.
Bitcoin Price Analysis
Bitcoin’s recent rise above the 20-day EMA is not followed by any significant consolidation, which might indicate that this may be just another peak for BTC prices. The bears are likely to defend the resistance line of their symmetrical triangle with vigor.
It’s possible that the EMA is warning us of an approaching bearish trend, but we’ll have to wait and see. The RSI has reached near the middle ground, so it might be time for another dip in prices soon enough.
The first sign that the stock is getting stronger will be an increase in its price and a close above $23,445. There’s a chance that the path is clear for an upside potential rally to target $28,171. The latest move by Bitcoin (BTC) suggests that it may have bottomed out at $17,622.
But if prices continue to fall, it is possible that the downtrend will become more established and establish itself inside of a triangle.
The price action inside this triangle is likely to be random and volatile. A break below the pattern could signal that bears are back in control.
The moving averages have been canceling each other, indicating that a range formation may be forming.
The bears are trying their best to pull the price below our moving averages. If they manage this, you’ll probably see a decline down towards $20,000. A break below this support could open up a possible drop to the support line.
But if the price rebounds off the MA, it means investors are buying the dip. This could be an excellent opportunity if you’re looking for a potential breakout from the triangle pattern. The pair may rally up towards $23,363 before finding stability in their price movements again at higher grounds.
