Analyst says Bitcoin could hit new all-time highs sooner than expected, updates outlook on rival Shiba Inu
A widely followed analyst updates his outlook on Bitcoin (BTC) as the king cryptocurrency hovers around $43,000.
Pseudonymous crypto trader Kaleo tells his 611,000 followers on social media platform X that he believes Bitcoin will reach new all-time highs (ATHs) sooner than previously thought.
He now expects BTC to reach new highs by the middle of next year.
“Slowly but surely this is happening. The only adjustment I will make to the thesis here is that it would not shock me to see new Bitcoin ATHs a little earlier than stated in the original thesis (mid-2024 instead of late 2024/early 2025).”
Source: Kaleo/X
The trader also says that Bitcoin remains in an uptrend despite a recent temporary dip to the $40,000 level.
“The recent decline we had was nothing more than a healthy correction after a massive parabolic extension. I believe we have defined the upper and lower limits of a new range within which we will likely trade for the next month or two before moving further higher.
As stocks continue to climb to new highs and we get approval for a BTC ETF (exchange traded fund) next month, I don't see anything stopping Bitcoin from continuing its path to price discovery. Add in April's halving and we're set for one hell of a year. 2024/2025 will be enlightened.”
Source: Kaleo/X
The trader believes that the current strong performance of the Invesco QQQ Trust (QQQ), which includes the largest major technology companies, is another reason to be bullish on Bitcoin, as it could indicate how much investor interest there is in one Spot market Bitcoin exchange could be. Traded funds (ETFs) that could be approved next month.
“The tech index is about to print new ATHs. The fact that this is happening ahead of a possible ETF approval for Bitcoin (and perhaps no longer after ETH), as well as the Bitcoin halving that will occur soon after, is wild. All the stars align for a special year 2024.”
Source: Kaleo/X
Next, the trader updates his outlook on Shiba Inu (SHIB) rival PEPE after Memcoin's uptrend collapsed.
“Currently, [the return to ATHs] Scenario is invalid. It won’t be long before we see some bullish momentum and a reclaim of $0.0000018. I wouldn’t be surprised to see a return to the base of this range closer to $0.000001.”
Source: Kaleo/X
PEPE is trading at $0.00000143 at the time of writing, down 6.7% over the past seven days.
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Generated image: DALLE3
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