Currently, the price of bitcoin (BTC) is around $19,100. Some believe that this announces, in the short term, an upheaval in the cryptocurrency market. Some professionals believe the upheaval will be on the downside, while others are betting on the upside. For Kaleo, crypto strategist and trader, a rally is to be expected. Why ?
Should we prepare for a massive rise in bitcoin (BTC)?
Crypto strategist Kaleo said on Twitter that bitcoin is preparing for a rally. For strategist Kaleo, “we have already seen this rupture major » in the bitcoin market. “We are in the accumulation phase. The rise will catch everyone off guard“, he added. To draw these conclusions, the famous trader analyzed the reverse chart of bitcoin. Sometimes traders happen to be interested in the reverse chart of an asset. This allows them to take a step back when qualifying a move.
From the inverted chart, one could see a more than 100% rise in bitcoin price. BTC could then trade around $40,000. Trader Kaleo clarified that his prediction is supported by the current performance of the Grayscale Bitcoin Trust (GBTC). He claimed that the recent price action of GBTC suggests that bitcoin is bottoming out and gearing up for a recovery rally.
Note that GBTC is a financial instrument dedicated to institutional investors wanting exposure to bitcoin without holding the asset. Separately, Kaleo claimed that in the short term, there will be a move in bitcoin towards the $20,000 mark.
What is delaying the uptrend?
There are several different opinions regarding the upcoming trend in the bitcoin market. For example, on Tuesday a well-known analyst declared that the bitcoin price will soon rise to $21,000. However, he added that BTC will then drop to $16,000 or even $14,000.
Several Twitter users commented on the analyst’s post. One of the commentators claimed that “the Russian-Ukrainian war is one of the most important causes of the financial depression“. He added that “the bull market will be delayedas long as the war continues.
While a strategist predicts a rally towards $40,000, an analyst predicts a descent to $14,000 for bitcoin (BTC). Ultimately, there is no telling which direction the price of BTC will actually take.
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