Analyst Says Final, Violent Move to the Upside Coming for Bitcoin Heres His Price Target
A widely followed crypto analyst is predicting a big move to the upside for Bitcoin (BTC) after weeks of chopping around.
Pseudonymous crypto analyst Kaleo tells his 588,400 Twitter followers that he believes Bitcoin is about to take off on a strong rally lasting until July.
Kaleo says that Bitcoin is reclaiming a high timeframe (HTF) support level after dipping below it for several days, a price behavior that he says is often a recipe for a violent spike up.
Reclaims of deviations beneath HTF support like this typically lead to violent moves to the upside. ATM (at the moment) $27,700 is the level I’m watching.
The trader predicts that Bitcoin soars past the $40,000 level by July, a more than 46% increase from its current value of $27,300 at time of writing.
One last leg up.
The popular trader also says leading smart contract platform Ethereum (ETH) is likely to waste no time in reclaiming the $2,000 level.
Run it back to $2,000 with haste.
He says that after briefly dipping below $1,800 earlier this month, ETH is now trading at the range highs, and he says there is more room to run.
Ethereum is trading for $1,855 at time of writing, up 2.1% during the past 24 hours.
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This article was originally reported on The Daily Hodl.