Renowned analyst Kaleo is confident that the cryptocurrency market is on the cusp of entering the next phase of its bull cycle. With a large following of 639,700 on the social media platform X, Kaleo asserts that the true bull market is yet to commence.
Kaleo suggests that Bitcoin (BTC) is currently in the accumulation phase following its halving event, and anticipates a surge towards an ambitious target of $200,000. He explains, “Throughout each major bull market, there has been a significant decline in post-halving percentage growth, with each subsequent all-time high (ATH) moving approximately 3.5 times lower than the previous cycle. If this pattern persists, the ATH for BTC this cycle would range between $150,000 and $200,000.”
In the present moment, Bitcoin is trading at $70,016.
Regarding Ethereum (ETH), Kaleo predicts that the leading smart contract platform will skyrocket to around $12,000 during this cycle. He states, “While today’s news was exciting, this chart is just getting started. It will continue to rise.”
As for other cryptocurrencies, Kaleo believes that the substantial influx of capital into Bitcoin and Ethereum will ignite an altcoin frenzy. He anticipates a surge in interest and investment in alternative coins and decentralized applications (DApps). Kaleo adds, “The opportunities that arise from such massive capital movement will be incredible. Alts and DApps will experience unprecedented growth. We may even witness a crypto-native DApp gaining mainstream adoption at some point. The masses of retail investors have yet to fully participate.”
Kaleo advises against being swayed by market volatility, emphasizing that the market is still in its early stages of growth.
Disclaimer: The opinions expressed in this article by The Daily Hodl are not to be considered as investment advice. Investors are urged to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be aware that any transfers or trades you make are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor do they claim to be investment advisors. It should be noted that The Daily Hodl is involved in affiliate marketing.
