A widely followed crypto analyst says that Bitcoin (BTC) has much more room to rise after forming a bull market structure.
Pseudonymous analyst Kaleo says his 563,800 Twitter followers that Bitcoin is likely about to rally and test its diagonal resistance at $27,000.
At that point, he forecasts a temporary retest before Bitcoin goes even higher.
“Looking for this move to continue with shipping to the upper diagonal resistance of this range near $27,000 before seeing much of a pullback.”
Looking at his chart, Kaleo forecasts that Bitcoin will reach around $40,000 in April, an increase of more than 54% from its current value.
Bitcoin is trading at $25,899 at the time of writing after dipping to the $19,000 price level last week.
caleo says Bitcoin price action is similar to the mid-February rally when the king crypto entered new range highs.
“The current PA (price action) is incredibly reminiscent of the mid-February rally that set new range highs.”
Kaleo had warned investors on price volatility related to the March 14 morning release of the latest Consumer Price Index (CPI) data, which is often interpreted as an indicator of whether the Federal Reserve will remain aggressive in reducing inflation .
“Either way, I would continue to tread carefully before tomorrow’s CPI print. Wait for the price to resolve higher, but expect the typical extreme volatility to happen along with it.”
With the release of CPI data, which showed signs of cooling inflation, Kaleo reaffirms your price prediction.
“STRAIGHT TO THE ENDURANCE WITH NEW MAXIMUM RANGE.
NOT BAD.”
kale too warns investors that altcoins are unlikely to overtake Bitcoin in 2023 and that they not fall victim to the sunk cost fallacy, which is a tendency for people to irrationally stick with old investment decisions even after they have been proven wrong .
“Beware of the sunk cost fallacy by holding on to your alternative bags. If you have no exposure to Bitcoin, the belief that “it’s only a matter of time before my bags catch up because BTC is so boring” will likely leave you underperforming for most of 2023.”
However, Kaleo says Altcoins are set for a new chapter next year.
“2024/2025 is a different story.”
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Featured image: Shutterstock/DomCritelli/SergZSV.ZP
