A widely followed crypto analyst says that Bitcoin (BTC) is on the verge of a massive breakout to fresh all-time highs.
In a new thread, pseudonymous crypto trader Kaleo tells his 704,300 followers on the social media platform X that Bitcoin will likely enter an uptrend and hit $116,000 by early next week after a pullback from the $110,000 level.
“Bitcoin: new all-time highs [Thursday].”
The analyst also says that Bitcoin may no longer adhere to its four-year cycle, an idea that the flagship crypto asset has a predictable pattern connected to its halving events, when BTC miners’ rewards are cut in half, which happen roughly every four years and tend to precede upward price movements.
“I believe this is where we finally break out of the traditional four-year cycle revolving around the Bitcoin halving. Higher for longer. Supercycle.”
Bitcoin is trading for $107,354 at time of writing, down 2.2% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) may repeat a similar 2020 pattern and soon enter an explosive uptrend.
“A lot of similarities on the chart to where we are now versus where we were in 2020. Spring of 2020 there was a major selloff from the COVID crash that sent ETH beneath HTF (high timeframe) support. Once that line was reclaimed, ETH was up only for the next 20 months. The recent selloff that led to the break beneath HTF support was caused by the Trump Tariff scare in the market. ETH is currently on the verge of reclaiming that line. Will history repeat itself with this leading to another great ETH bull run and accompanying alt season?”
ETH is trading for $2,754 at time of writing, down 3.6% on the day.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
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 losses 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.
Featured Image: Shutterstock/Tithi Luadthong
Credit: Source link
