Bitcoin Analyst Predicts More Upside for BTC After Decoupling from Stocks
A crypto analyst, known as Kaleo, believes that Bitcoin (BTC) still has room to grow despite its recent impressive rallies. According to Kaleo, BTC’s performance relative to the S&P 500 Index (SPX) indicates that it has decoupled from the stock market. This observation leads Kaleo to conclude that BTC has the potential for further upward movement.
Kaleo points to historical data showing BTC’s performance against SPX and predicts that the next major resistance level of $40,000 is likely to be reached. The analyst highlights a key pivot level at the 2017 ratio all-time high, which has played a significant role in BTC price action over the years.
Bearish Scenario and Long-Term Outlook
Despite being bullish on Bitcoin at present, Kaleo acknowledges the possibility of a downside crash similar to the one experienced in March 2020. To mitigate this risk, he suggests focusing on a longer time horizon and stacking spot positions instead of trading short-term moves. Kaleo expresses confidence in Bitcoin as a solid long-term investment option regardless of its current price.
Hot Take: Bitcoin’s Potential Upside and Long-Term Strength
Kaleo’s analysis suggests that Bitcoin has decoupled from the stock market, indicating more room for growth. Based on historical performance against the S&P 500 Index, he predicts that BTC could reach $40,000 in the near future. However, he also acknowledges the possibility of a downside crash and advises taking a longer-term perspective for investing in Bitcoin. Despite short-term uncertainties, Kaleo remains confident in Bitcoin’s strength and sees it as an attractive investment option leading into 2024-2025.
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