Bitcoin Poised for Massive Breakout to All-Time Highs, Analyst Predicts
A well-known crypto analyst has made a bold prediction, stating that Bitcoin (BTC) is on the brink of a significant breakout to reach new all-time highs.
In a recent Twitter thread, the pseudonymous trader known as Kaleo shared with his large following on X that Bitcoin is likely to start an upward trend and reach $116,000 by the beginning of next week, following a slight pullback from the $110,000 level.
“Bitcoin: new all-time highs [Thursday].”
Moreover, Kaleo also mentioned that Bitcoin might no longer follow its traditional four-year cycle, which suggests that the cryptocurrency has a predictable pattern tied to its halving events. These events occur approximately every four years when BTC miners’ rewards are halved and typically 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.”
As of the time of writing, Bitcoin is trading at $107,354, showing a 2.2% decrease in the last 24 hours.
Switching gears, Kaleo also indicated that Ethereum (ETH) could mirror a similar pattern to what it exhibited in 2020 and potentially enter a strong uptrend soon.
“A lot of similarities on the chart to where we are now versus where we were in 2020. Will history repeat itself with this leading to another great ETH bull run and accompanying alt season?”
ETH is currently priced at $2,754, marking a 3.6% decrease for the day.
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Featured Image: Shutterstock/Tithi Luadthong