dailyhodl.com
22 May 2024 20:30, UTC
A widely followed analyst believes that the crypto market is on the verge of witnessing the next leg of its bull cycle.
Pseudonymous analyst Kaleo tells his 639,700 followers on the social media platform X that the real bull market has not even started yet.
The crypto strategist says that Bitcoin ($BTC) is currently in its post-halving accumulation phase as it gears up to rally toward an upside target of as high as $200,000.
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“The upside of each major bull market has seen significant attrition from a post-halving percentage growth perspective, with each respective all-time high ($ATH) move reducing ~3.5x from the previous cycle. If this trend continues, the $ATH this cycle for $BTC would land somewhere between $150,000 – $200,000.”
At time of writing, Bitcoin is trading at $70,016.
Looking at Ethereum ($ETH), Kaleo thinks that the leading smart contract platform will soar to about $12,000 this cycle.
“As much fun as today’s news was, this chart is just getting warmed up. Send it higher.”
At time of writing, $ETH is worth $3,774.
As for other crypto assets, Kaleo thinks that the massive capital inflows to Bitcoin and Ethereum will trigger an altcoin mania.
“The opportunity that comes with THAT type of money moving will be insane. Alts and DApps (decentralized applications) will go crazy. We’ll probably see a crypto-native DApp hit the mainstream market at one point or another. Retail hasn’t even shown up in masses yet.
Don’t let the chop shake you out. We’re just getting warmed up.”
Generated Image: Midjourney
