Bitcoin has been trading above $21,000 in the last 24 hours. While its current levels look pretty good compared to its performance in recent weeks, it’s well below the all-time high it saw last year. Therefore, analysts are divided on whether BTC will rise or see more serious bottoms. For example, a popular strategist and trader does not expect Bitcoin (BTC) to hit all-time highs for another two years. Here are the details…
Analyst expects ‘crab market’ before Bitcoin rises
The trader, who goes by the name Kaleo, told his 526,200 Twitter followers that Bitcoin could likely rally to an all-time high after the halving in early 2024. However, he stated that by then, the market would face a sideways movement, which he called the “crab market”. According to Kaleo, who is also known to be a whale, the leading coin is likely to range between $16,000 and $30,000 over the next five months before surging upwards. The analyst uses the following statements:
The next most likely path is to see a key range established between $16,000 and $30,000. This is eventually resolved around December, when the price finally broke above the higher time frame cross resistance. Expecting a few months of rapid, exaggerated growth in early 2023 will not result in an all-time high. It makes more sense to cap somewhere at $50,000, but this growth needs to be an associated mini altcoin season.
$110,000 Bitcoin after halving
cryptocoin.com As we have also reported, the next halving will take place in March 2024. So, it’s about 18 months. According to the expert, new altcoin narratives are starting to emerge as BTC remains in a crab market. Thus, the NFT market is starting to gain momentum. Kaleo said that Bitcoin could reach BTC’s record of $110,000 months after the next halving. According to the analyst, this corresponds to the years 2024-2025. In this process, he states that the 6-digit BTC price can finally be seen. Kaleo used the following statements:
In late 2024 / early 2025 we will finally see all-time highs, six-digit BTC. I want to clarify – I think BTC will see higher levels than this chart shows. But even if that’s all we’ve seen… it’s still 5 times more than current prices in less than two and a half years. This is not bad at all. It may even be enough to beat inflation.
