A Crypto Analyst Bullish on THORchain
A popular cryptocurrency analyst known as Kaleo is expressing optimism about THORchain (RUNE), a blue-chip altcoin that has seen its value triple in just two months. Kaleo believes that if RUNE breaks above the current descending trendline on the daily chart, which is acting as a resistance level, the decentralized cross-chain liquidity protocol could reach new all-time highs. Kaleo advises against fading momentum and points out that RUNE already surpassed high-timeframe resistance on the BTC pair in November, triggering its current rally. Currently ranked 50th by market cap, THORchain is trading at $5.40, up 231% from its October low of $1.63.
Predictions for Bitcoin and the Future of Crypto
Kaleo also shares insights into Bitcoin’s price action and predicts that it may reach over $48,000 early next year. He compares Bitcoin’s current price movement to previous patterns in 2020 and 2021, suggesting a potential upward trend. Looking ahead, Kaleo anticipates positive developments for other cryptocurrencies as well. He expects Solana to approach $100, Avalanche to approach $50, and altcoins across the board to start moving again. Additionally, he mentions the rise of memecoins and waking up NFTs (non-fungible tokens). With the Bitcoin halving still four months away, Kaleo believes that 2024 will be an extraordinary year for the crypto industry.
Hot Take: Positive Outlook for THORchain and the Crypto Market
Analyst Kaleo expresses bullish sentiment towards THORchain (RUNE), predicting potential new all-time highs if it surpasses resistance levels. He highlights the recent breakthrough of high-timeframe resistance on the BTC pair as a catalyst for the current rally. Additionally, Kaleo anticipates Bitcoin’s price to exceed $48,000 in the near future and foresees positive developments for various altcoins, memecoins, and NFTs. With the Bitcoin halving approaching in four months, Kaleo believes that the crypto market is poised for an exciting and transformative 2024.
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