A popular and widely followed cryptocurrency trader and analyst is expressing bullish sentiment on Bitcoin (BTC).
The pseudonymous analyst Kaleo says his 569,500 Twitter followers that Bitcoin’s rally to the key psychological level of $40,000 will be fast.
“The change from $30,000 to $40,000 BTC will happen much faster than most people think.
A lot of people who *want* to be bulls, but are expecting a splash, will stare from the sidelines.”
Kaleo has previously set a target of $40,000 for Bitcoin, saying in particular, that the key psychological level is a “magnet”.
“This is your daily reminder that $40K is a magnet. You already believe me?
As for altcoins, Kaleo says that a short-lived altcoin meeting it could happen once Bitcoin’s dominance temporarily regresses on its way to surpassing 52%.
“If we are going to see some kind of *mini* altcoin season in this race, it will probably happen here. [between the Bitcoin dominance level of 47% and 52%].
BTC’s dominance is testing the upper resistance of the channel that it has been cutting for the past two years.
A slight pullback here, resulting in a bit of an alternate rally across the board, makes sense.”
Bitcoin (BTC.D) dominance is at 47.44% at the time of writing, according to Trading View.
However, according to Kaleo, altcoins will lose value relative to Bitcoin as the flagship crypto asset. renew its bullish momentum.
“To clarify, I remain extremely bullish on Bitcoin versus altcoins on most time frames.
If anything, I see this mini altcoin rally as an opportunity for those of you who are altcoin overweight to rebalance your portfolio and rotate some of those gains back into BTC.
Bitcoin is currently in strong bullish momentum – we are in a bit of a pause before a massive next leg that flies straight past $30,000.
Sub $30,000 is realistically your window to take advantage of this move for altcoins.”
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