A popular crypto trader says Bitcoin (BTC) has hit its bottom and the beginning of a bull run is now imminent.
The pseudonymous trader known as Kaleo tells his 536,100 Twitter followers the opportunity to purchase Bitcoin under $20,000 won’t last long.
“Every day Bitcoin is under $20,000 is a gift. That being said, three-plus months of Christmas feels like more than enough. Send it with haste.”
Kaleo uses inverted price charts to compare Bitcoin’s bottoming process of 2018 to that of the last year. According to the closely followed trader, both cycles are very similar, supporting the idea that BTC has already bottomed and is getting close to a bull run.
“Just a reminder – I still believe the bottom is in. Here’s one more look at the 2021 ATH (all time high) cycle vs. 2017 ATH cycle. Up is imminent.”
Zooming in on a shorter time frame, Kaleo also says Bitcoin is showing strength by treating a former downward resistance level as support.
“Nice little bounce on the retest.”
Kaleo points to the correlation between Bitcoin’s price and the halvings, which are when block rewards are cut in half, theoretically creating a supply shock on BTC. According to the trader, Bitcoin’s current price action is historically in-line with previous market cycles.
Based on his chart, Kaleo is predicting a rally to about the $35,000 level over the next four months or so.
“If you’re a believer in the BTC halving cycle, this is your reminder that the extended period with a lack of volatility in the bear market base range is completely normal. Zoom out. Patience pays.”
Bitcoin, the largest digital asset by market cap, is changing hands at $19,793 at time of writing.
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