A prominent crypto strategist and trader who amassed his large following with his lucrative altcoin calls says Bitcoin looks ripe for an exponential surge in value within a 24-hour timeframe.
In a new tweet, the analyst known in the industry as Kaleo tells his 115,500 followers that it is only a matter of time before the leading crypto asset prints a huge $10,000 daily candle.
I have a feeling $BTC will see its first green $10K daily candle soon.
— K A L E O (@CryptoKaleo) April 2, 2021
His remarkably bullish expectation for Bitcoin comes as he reveals his long-term price target for the flagship cryptocurrency. According to the crypto strategist, Bitcoin’s current price action reminds him of the sideways consolidation before Bitcoin erupted above $20,000 in December 2020.
Looking at the price action that catapulted Bitcoin from around $13,000 in November 2020 to above $40,000 by the start of 2021, Kaleo copies the pattern and overlays it with BTC’s current market structure to reveal a massive target of nearly $200,000.
Long your longs.”
Kaleo’s makes his optimistic call as Bitcoin is in the midst of a supply-side crisis. On-chain analyst Willy Woo believes that Bitcoin will go far beyond $200,000 and trade at $2 million as institutional investors ignite an unprecedented BTC supply crunch.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five-month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”