A closely tracked crypto strategist is unveiling what he thinks is the most realistic path for Bitcoin (BTC) in the coming months.
Pseudonymous analyst Kaleo tells his 512,500 Twitter followers that he believes BTC’s support of around $28,000 will continue to hold until September before Bitcoin takes it out and plummets all the way below $20,000.
“I’m a simple man with simple dreams… Basically still expect something like this to play out over the next six to nine months”
Looking at Kaleo’s chart, the crypto strategist predicts a parabolic rally for BTC to $40,000 after the massive capitulation event.
Although the crypto analyst is mid-term bearish on BTC, he believes Bitcoin is primed for a rally in the coming days.
“Probably won’t be quite as vertical as what the blue lines above show, or the arrow below, but I don’t expect it to be way too off. Again, not playing this move for a reversal leading to a new bull market. Playing this as a bullish swing within a range.”
The crypto strategist is also unveiling his targets for his expected BTC relief rally.
“First level to watch is a retest of the lower high timeframe diagonal [resistance] which should be around $36,000. I expect a bit of resistance there, and am hoping for a squeeze to the higher diagonal [resistance] in the high $30,000 / low $40,000, basically erasing the bearish LUNA price action (for now).”
At time of writing, Bitcoin is changing hands for $31,777, up over 18% from its 2022 low of $26,910.
