A widely followed cryptocurrency analyst and trader believes Bitcoin (BTC) could go up by more than 4x from the current level.
The trader pseudonymously known as Kaleo tells his 706,400 followers on the social media platform X that a $500,000 Bitcoin price is a “magnet” based on the logarithmic regression channel.
A logarithmic regression channel is a tool used to identify the long-term trend of the price of an asset that experiences exponential growth at first before the rate of growth slows.
According to the pseudonymous analyst, increasing demand and a friendly regulatory environment are some of the factors that will act as bullish catalysts for Bitcoin.
“I think option three [Bitcoin demand outpacing supply and price breaking higher] is finally primed to happen led by more fundamental bullish catalysts lining up than we’ve ever seen before. [Exchange-traded funds] ETFs, clearer regulations, state and corporate adoption, tech/decentralized applications that actually works, etc., along with broader bullish market conditions. List goes on, but you get the picture.”
Bitcoin is trading at $110,893 at time of writing.
Next up is Ethereum (ETH). Kaleo says the second-largest crypto asset by market cap could go up by around 44% from the current level after reclaiming key resistance levels.
“Send it to $4,000 with haste.”
Ethereum is trading at $2,780 at time of writing.
Next up is Avalanche (AVAX). Kaleo says AVAX is on the cusp of breaking out and printing a “god candle” – a sudden large bullish candlestick on the price chart.
“AVAX is just getting warmed up. Break above the top of this channel and the real fun starts.”
Avalanche is trading at $19.48 at time of writing.
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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.
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