Currently, bitcoin (BTC) is trading around $16,800. This amount represents a reduction of 75% from its historic peak. Some analysts expect the flagship crypto to drop below $16,000. For Kaleo, there will certainly be a downward trend, but it cannot last forever.
A peak for bitcoin (BTC) in about 6 months
In his December 18 strategy session, crypto analyst Kaleo expressed optimism about the future of bitcoin (BTC). He talked about a technical indicator that could portend an upcoming bullish trend in the BTC market. The leading crypto analyst highlighted an event unique to each bitcoin bull market. it’s about the crypto price breakout flagship above the 200-day simple moving average (SMA). Thus, Kaleo stated in his video strategy session that a breakout of the 200-day SMA will need to be watched.
Crypto analysis said: “I think one of the things, really, looking ahead in terms of watching big pivots, any kind of change from where we are, is a recovery from that 200 day simple moving average“. However, he does not yet feel ready to say with certainty that BTC is “in the right direction for quite a while yet“.
One thing remains certain: the 200-day simple moving average (SMA) is a key signal. “I know it’s incredibly simple, but it’s something that’s been a signature for every low we’ve seen on this chart over the past few cycles. I think so it’s something simple and easy to monitor», Supports the crypto analyst.
Kaleo then adds: “Until that happens, it’s important to stay patient. “. According to him, there will first be a bottom in the Bitcoin market. The analyst expects a fall in prices during next months. But then he thinks there will be peak by June 2023.
Kaleo’s predictions are reminiscent of recent words from a macro guru. Indeed, Raoul Pal said that 2023 will be a good year for BTC and ETH. He suggested that the collapse of Terra, Celsius, 3AC, and FTX might not get the better of the crypto market.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
