A Cryptocurrency Analyst Predicts Bitcoin Could Rally Like Last Cycle
A popular cryptocurrency analyst known as Kaleo believes that Bitcoin (BTC) could experience a significant rally similar to the one seen in the last cycle if history repeats itself.
Market Analysis
Kaleo, who shares insights with over 700,000 followers on X, points out that in 2020, Bitcoin initiated parabolic rallies to new all-time highs after the stock market had fully recovered from the COVID-19 crash and reached new record highs.
Currently, Kaleo observes that the S&P 500 stock index is on the cusp of breaking out to new all-time highs following a correction caused by US tariffs on trade partners.
“I believe we see history repeat itself, and as equities break out – Bitcoin does the same and significantly outperforms.”
At the close of Friday’s trading session, the S&P 500 is trading at 5,967 points, just around 3% below its record high of 6,147 points.
New Sources of Demand for Bitcoin
Kaleo also notes that Bitcoin is now attracting new sources of demand, making him more bullish on the cryptocurrency. He highlights the presence of spot Bitcoin exchange-traded funds (ETFs) in this cycle, allowing for a potential influx of new capital into BTC at a rate never seen before.
“Countries and corporations are starting to build BTC reserves. El Salvador, Tesla, Gamestop, and others are only the first dominoes to fall. We finally have a pro-crypto president in the US pushing for pro-industry regulation.”
“The tech and infrastructure of the industry are also better than it’s ever been. DApps are more advanced, BTC is being used as a development layer, and the number of places that accept BTC as a form of payment is higher than it’s ever been before.”
Bitcoin is currently trading at $104,143, slightly down from its recent all-time high.
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