dailyhodl.com
A widely followed crypto analyst is unveiling his roadmap for a Bitcoin (BTC) rally toward a fresh all-time high.
Pseudonymous analyst Kaleo tells his 563,800 Twitter followers that Bitcoin is likely setting up for a parabolic surge en route to $40,000 by May this year.
“$30,000 is a magnet, but $40,000 is too.”
Looking at the lower timeframe, Kaleo thinks that Bitcoin could take out its diagonal resistance and rally to $30,000 in the coming days before a brief pullback period to retest the diagonal resistance into support, leading to a surge to $40,000.
“Low timeframe roadmap with commentary.”
As for his outlook in the coming months, Kaleo believes that Bitcoin will eventually witness a deep retracement period after hitting his target at $40,000, pulling back to as low as $20,000 by the end of the year. Once the corrective period is over, the analyst expects the king crypto to officially start a new bull market by early 2024 in time for the next Bitcoin halving, an event that slashes BTC miners’ reward by 50%.
Kaleo thinks that the bull market will likely propel BTC to a new all-time high by late 2024 or early 2025.
“And here’s your roadmap through the next halving new all-time highs soon enough. It might seem far off, and it’ll feel like hell but it’ll all happen in the blink of an eye.”
At time of writing, Bitcoin is worth $24,879.
Generated Image: Midjourney