A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC).
The analyst pseudonymously known as Kaleo tells his 687,400 followers on the social media platform X that Bitcoin is on the cusp of a bull season but could first go lower from the current level.
Based on the analyst’s chart, it appears he’s suggesting that Bitcoin could fall to under $82,000 before rallying to above $120,000.
“Sweep into the $80,000s is going to feel like the bottom rings of hell for altcoins after what they’ve already been through, but the bounce back across the board should be violent and glorious when it’s all over.”
Bitcoin is trading at $96,310 at time of writing.
The pseudonymous analyst also offers his outlook on the Polkadot/Bitcoin pair. According to Kaleo, Polkadot (DOT) is poised to go “up only from here” after a strong bounce at a major support level.
Polkadot is trading at 0.00005 BTC ($4.81) at time of writing.
On altcoins, the widely followed analyst says he believes the “heart of the bull market” is yet to be experienced.
“Entering into the most frictionless regulatory period the crypto market has seen in years, combined with the MOST support it has seen from the highest levels of the government, I have a very hard time believing that we don’t see significant growth in the altcoin sector outside of just memecoins.
The next leg up of the cycle will definitely have some madness in memecoins and non-fungible tokens (NFTs), but I really believe we’ll see a return to the roots of real tech and real products advancing adoption in this space.”
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