A widely known analyst and trader believes the biggest gains in the cryptocurrency bull market are yet to come.
Anonymous analyst Kaleo told his 646,300 followers on social media platform X that the strong cryptocurrency rally from October 2023 to March 2024 could be an indicator of what’s to come for the asset class in the coming months.
“We’ve only just started this cycle, but there’s already a crazy movement with fun (but eventually a bit boring) memes, fun DApps to keep us busy, and a solid airdrop farm every few months.
Around the same time last cycle, decentralized finance (DeFi) was just starting to go mainstream, and pretty much everything else was dead while stocks were skyrocketing.
If the early stages of this cycle are a sign of things to come, this will be the craziest bull market ever.”
He also points out that the current trader psychology is similar to the situation in September 2023, just before the cryptocurrency market took off.
“The last time I remember feeling this depressed was when most people started asking, ‘Is it really over? Is there going to be another real uptrend? Are there no more catalysts?’… That was in September of last year.”
Kaleo says it’s based on the idea that Bitcoin has never ended a bull market immediately following a halving (when miner rewards are cut in half).
“It’s unprecedented to barely surpass the all-time highs of the previous cycle and then hit a new high after this initial halving. It’s not impossible, but it would redefine the metrics most people have historically used to track crypto cycles. I think if this was just Q1, it would have been more interesting than most Q1s.”
As for the next upside, Kaleo thinks traders who survived September will be rewarded in the months that follow.
“There may be a little bit of red left this month, but we will get through the election and into 2025.”
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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