Crypto analyst says Bitcoin is about to push higher for Green October as BTC shows strength against stocks
A popular cryptoanalyst predicts an unexpected breakout for Bitcoin as the BTC and stock markets begin to show strength.
Pseudonymous analyst Kaleo tells his 535,000 Twitter followers that Bitcoin is inches away from breaking through a nearly year-long diagonal resistance line.
According to him, Bitcoin may be poised for a short squeeze, which occurs when an excessive amount of short sellers are liquidated, triggering a cascade of upward price volatility.
“Bitcoin/BTC
On the verge of breaking above an 11-month bearish resistance dating back to the November ’21 ATH.
Press season and the green days of Uptober are almost upon us.”
Looking at the stock market, Kaleo says the S&P500 appears to have recovered after blowing past the $3,670 level where the index crashed to in June.
“Stonks have recovered and have certainly pulled past the June lows.”
The closely followed analyst also compares BTC to Apple (APL). According to Kaleo, when you price Bitcoin against APL, there is a clear pattern of bearish trends followed by volatile results from BTC. He says that BTC is entering a new phase of outperformance.
“I still enjoy looking at macro comparisons of Bitcoin vs. leaders across all markets.
“BTC vs AAPL is a fun one. The chart is defined by HTF (high time frame) bearish trends, then followed by seasons of extreme performance by BTC.
We are on the brink of another outbreak.
Are you ready?”
At the time of writing, Bitcoin is trading just above $20,000, up 3.5% on the day.
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Featured image: Shutterstock/Tomasz Makowski/Melkor3D
