The price of bitcoin is currently trading slightly above the $22,000 level after being able to convincingly surpass that threshold. The majority of alternative coins are likewise down over the previous 24 hours after failing to hold onto their intraday gains and experiencing severe rejection from their range resistance.
As he predicts BTC’s potential trading range over the coming few months, a well-known cryptocurrency analyst predicts a rise in the price of the cryptocurrency. According to Kaleo’s chart, Bitcoin will experience a significant short-term bounce to roughly $28,000 before experiencing another leg down below $20,000, which will be followed by a grind up to $30,000.
This fluctuating environment, according to the cryptocurrency analyst, is the “most likely” scenario for Bitcoin in the upcoming months. While a rebound from here might take us to around $30,000, I don’t view it as anything to be too enthusiastic about just yet. He still believes that the most likely conclusion is a range between $20,000 [and] $30,000 for at least the next few months.
The bull market, an unlikely situation?
Even if BTC bulls are successful in starting a relief rally, Kaleo cautions investors that a new bull market is unlikely to begin as a result of the surge.
It will offer some much-needed relief from the months of adverse price action the market has recently seen, even though the next leg up it will see out of this $20,000 mini-range, in which it is stuck, won’t necessarily herald the transition to momentum for a lasting new bull market, according to him.
“Hope it’s fun, but don’t let it evolve into greed and completely consume you. Be patient, keep stacking, survive the crab and be a king in 2024/2025.”
At the time of writing BTC has gained more than three percent and is trading at $22,136.