A closely followed crypto strategist thinks that Bitcoin (BTC) is positioned to surge to new all-time highs following last week’s drop to around $60,000.
Pseudonymous analyst Kaleo tells his 634,700 followers on the social media platform X that Bitcoin appears to be mirroring its December 2023 to January 2024 price action – when the market anticipated the approval of spot BTC exchange-traded funds (ETFs).
According to the trader, he sees Bitcoin rallying to new record highs around the halving when BTC miners’ rewards are slashed in half. However, he predicts that BTC will see a deep correction after the rally before igniting a steep upside move.
“My favorite price structure comparison I’m paying attention to right now heading into the halving is the December pre-ETF timeframe. Could easily see us running the highs again from here leading into the halving later this week, followed by a sell-off, and then a grind back to new highs.”
The analyst shares an hourly chart of BTC before the ETFs were approved.
He subsequently shares another chart that suggests BTC may be following the same pattern.
At time of writing, BTC is worth $65,795.
The trader is also keeping a close watch on BNB, the utility token of the BNB Chain ecosystem.
According to Kaleo, BNB looks poised to take out its diagonal resistance and rally to a new all-time high near the $1,000 mark.
“BNB still looks primed to break out of this range.”
At time of writing, BNB is trading for $566.4.
Generated Image: DALLE3
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