Top Analyst Looks at Stock Market To Predict Whats Next for Bitcoin and Crypto

A popular crypto trader says he’s keeping a close watch on the stock market to see whether Bitcoin (BTC) and the rest of the crypto markets could start the new year with a bang.

Pseudonymous analyst Kaleo tells his 553,500 Twitter followers that the S&P 500 (SPX) needs to take out a key resistance level to kick off a rally.

According to the analyst, a burst to the upside for the SPX could be bullish for Bitcoin and crypto.

“I’m still looking for a reclaim of ~3,900 for SPX as a solid long trigger for a move up to the August highs of ~4,300. Expecting Bitcoin and the broader crypto market to rally with it.”

Source: Kaleo/Twitter

At time of writing, the S&P 500 is trading at 3,824.13 points.

Looking closer at Bitcoin, Kaleo says he believes Bitcoin could rally toward $22,000 in the next couple of months, suggesting an over 31% upside potential from BTC’s current price of $16,704.

“What if the 2023 lows are already in?”

Image
Source: Kaleo/Twitter

Although Kaleo is bullish on Bitcoin, fellow crypto strategist Capo says that Bitcoin’s recent strength is likely meant to trap buyers before another capitulation event.

“It takes a tiny pump into resistance to turn everyone bullish again. This same bull trap has been happening during the entire 2022, yet people don’t learn. $12,000 is very likely.”

Image
Source: Capo/Twitter

Don’t Miss a Beat Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

This article was originally reported on The Daily Hodl.