Analysts expect Bitcoin to hit new all-time highs around the halving, BTC says, mirroring the move ahead of the ETF
A closely followed crypto strategist expects Bitcoin (BTC) to surge to a new all-time high after falling to around $60,000 last week.
The pseudonymous analyst Kaleo tells his 634,700 followers on the social media platform
According to the trader, he expects Bitcoin to rise to new record highs around the halving, when BTC miners' rewards are halved. However, he predicts that BTC will experience a deep correction after the rally before a steep uptrend.
“My favorite price structure comparison that I'm paying attention to now ahead of the halving is the pre-ETF time frame in December. It is entirely possible that we see highs again from here, leading to a halving later this week, followed by a sell-off and then a return to new highs.”
The analyst shared an hourly chart of BTC ahead of the ETF approval.
Source: Kaleo/X
He then shares another chart that suggests BTC may be following the same pattern.
Source: Kaleo/X
At the time of writing, BTC is worth $65,795.
The trader is also keeping a close eye on BNB, the utility token of the BNB Chain ecosystem.
According to Kaleo, BNB appears poised to overcome its diagonal resistance and rise to a new all-time high near $1,000.
“BNB still appears poised to break out of this range.”
Source: Kaleo/X
At the time of writing, BNB is trading for $566.4.
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Generated image: DALLE3
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