Analyst Predicts Bitcoin Will Reach New All-Time Highs Sooner Than Expected
A popular analyst is revising his outlook on Bitcoin (BTC) and believes that the cryptocurrency will reach new all-time highs (ATHs) earlier than previously anticipated. The analyst, known as Kaleo, shared his updated prediction with his followers on social media platform X. According to Kaleo, BTC will likely hit ATHs in the middle of next year.
Bitcoin’s Uptrend Remains Intact
Kaleo also mentioned that Bitcoin is still in an uptrend despite experiencing a temporary dip to the $40,000 level. He views this dip as a healthy correction following a significant parabolic extension. Kaleo expects Bitcoin to trade within a new range for the next month or two before continuing its upward trajectory. He also believes that the approval of a Bitcoin exchange-traded fund (ETF) next month, along with the upcoming halving in April, will contribute to an exceptional year for BTC.
Invesco QQQ Trust Performance Signals Bullish Outlook for Bitcoin
Kaleo points to the strong performance of the Invesco QQQ Trust (QQQ), which includes top tech companies, as a reason to be optimistic about Bitcoin. He suggests that this performance indicates the level of interest investors would have in spot market Bitcoin ETFs, which could potentially receive approval in the near future.
Updates on Shiba Inu Rival PEPE
Kaleo also provides an update on PEPE, a rival memecoin to Shiba Inu (SHIB). He states that the scenario of PEPE returning to ATHs is currently invalidated and advises against entering a long position until bullish momentum is observed and the price reclaims a certain level. He anticipates a potential return to the base of the trading range for PEPE.
Conclusion
According to analyst Kaleo, Bitcoin is expected to reach new all-time highs earlier than previously thought. The cryptocurrency’s current uptrend remains intact, and its performance may be influenced by the approval of a Bitcoin ETF and the upcoming halving. Additionally, Kaleo provides an update on PEPE, stating that it is currently not showing signs of returning to ATHs. As always, it’s important to stay informed and monitor market trends when making investment decisions in the crypto space.
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