A widely respected analyst is updating his outlook for Bitcoin (BTC) as the cryptocurrency reaches its all-time high of around $43,000.
Pseudonymous cryptocurrency trader Kaleo says Social media platform X’s 611,000 followers believe Bitcoin will reach a new all-time high (ATH) sooner than previously thought.
He now believes that BTC will reach ATH by the middle of next year.
“Slowly but surely this is happening. One adjustment I would make to the paper here is that I would not be shocked to see a new Bitcoin ATH slightly earlier than stated in the original paper (mid-2024 rather than late 2024/early 2025).”
merchant island Called Bitcoin is still on the rise despite a recent temporary drop to the $40,000 level.
“The recent decline is nothing more than a healthy correction following a large parabolic expansion. I believe we have defined the upper and lower limits of a new range that we are likely to trade in over the next month or two before holding higher.
As the stock continues to rise to new ATHs, there’s nothing stopping Bitcoin’s price discovery path continuing to slow down if a BTC exchange-traded fund (ETF) is approved next month. Add in the halving in April and you’re set for a year of hell. 2024/2025 will be bright.”
merchant Believe The strong performance of the Invesco QQQ Trust (QQQ), which currently includes some of the top large tech companies, is another reason to be bullish on Bitcoin. This could indicate the level of interest investors will have in a spot market Bitcoin exchange-traded fund (ETF) that could receive approval next month.
“Technical indices are on the verge of printing a new ATH. The fact that this is happening not only leads to the approval of a potential ETF for Bitcoin (which may not come any further after ETH), but the fact that we are seeing an imminent Bitcoin halving. All stars have come together to make 2024 special.”
Next, traders update their information. eyesight Shiba Inu (SHIB) from rival PEPE after memcoin’s uptrend broke down.
“For now, the (return to ATH) scenario is invalid. It won’t be long until we see bullish momentum and a recovery to $0.0000018. It would not be surprising to see a return to the base of this range near $0.000001.”
At the time of writing, PEPE is trading at $0.00000143, down 6.7% over the past seven days.
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