Top trader predicts Bitcoin (BTC) breakout after impending fakeout – here’s his target
A widely followed cryptoanalyst predicts a major breakout for Bitcoin (BTC) after a quick retest of a lower price level.
Pseudonymous analyst Kaleo says his 565,000 Twitter followers as bears falsely claim that Bitcoin is headed to the downside.
Instead, he says Bitcoin is just retesting the $23,000 price before it will rise.
“Bjørner uses this LTF [Lower Time Frame] pullback to try to convince you we’re headed lower, when it’s nothing more than a simple breakout/retest before continuing the send higher.”
Kaleo is predict Bitcoin will break past the $30,000 price level, but he says it may first fall below $20,000.
“Okay, I feel convinced that I’ve been incredibly one-sided lately for my LTF posts. I fully believe that $30,000 is a magnet, but I can also see this type of scenario playing out along that path if the lows from several days ago are swept.”
The crypto trader says that his target price for Bitcoin remains $40,000.
“The important thing I’ve lost sight of since Bitcoin had its HTF [High Time Frame] breakout is the effect it has had on my LTF bias. Whether the stops are triggered and we test the HTF trend one more time near ~$20,000 or we send higher from here, the $40,000 end target doesn’t change.”
Bitcoin is trading at $23,675 at the time of writing.
Kaleo is too predict Coinbase (COIN) shares will skyrocket to more than $400 by June, more than 500% from today’s value of $64.67.
So is he bullish on the S&P 500 (SPX), predicting it will climb above 4,000 points to reach 4,300 by April.
“SPX is on the verge of reclaiming 4000 after completing a clean retest of HTF support. The push to 4300 will resume soon. Be more bullish.”
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