A popular cryptocurrency trader has revealed they believe that the price of Bitcoin ($BTC) has bottomed out and that a new bull run is set to start in the near future, while noting that long consolidation periods are “normal.”
According to the pseudonymous cryptocurrency trader Kaleo, Bitcoin staying under the $20,000 mark was a “gift” that lasting for over three months was “more than enough,” In another twee to the analyst’s over 500,000 followers on the microblogging platform, Kaleo noted he believes the “bottom is in,” and that an uptrend is “imminent.”
The analyst, as Daly Hodl reports, uses inverted price charts to compare Bitcoin’s bottoming process to that of its last bear market, which saw it drop from a near $20,000 all-time hi got a $3,200 low over the course of a year.
The trader added that for those who believe that BTC halving cycles lead to bull runs it is normal to have extended periods “with a lack of volatility in the bear market base range.”
Based on Kaleo’s charts, the analyst expects the price of Bitcoin to move up to the $35,000 mark over the next couple of months. The prediction is similar to one made by analyst Dave the Wave, who suggested $BTC could trade at $30,000 by next April.
As CryptoGlobe reported, another popular analyst has said BTC traders are preparing for a “big move” on the market, at a time in which the flagship cryptocurrency’s volatility has dropped below that of the stock market’s benchmark index, the S&P 500.
Recently, Ark Investment Management’s Elmandjra has defended the firm’s prediction that the price of the flagship cryptocurrency BTC will top $1 million in the future.
Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds (ETFs), Cathie Wood, that BTC would top $1 million by 2030.
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