A widely followed crypto analyst says that Bitcoin (BTC) may be on the verge of an explosive move to the upside.
In a new thread, pseudonymous crypto trader Kaleo tells his 723,400 followers on X that Bitcoin is poised to break through a resistance trendline at around $130,000, which may send the flagship crypto asset soaring along with other digital assets.
“Bottom looks like it’s in fellas. Look at the trend from the previous bull markets when price has come up against similar HTF (high timeframe) resistances.
Vertical acceleration kicks off when this breaks out. This is where we see the risk-on trend kick off, with alts, NFTs (non-fungible tokens), etc. finally starting to send. It’s almost time. Be more bullish.”
The analyst previously said that Bitcoin may be printing a historical bull market pattern of retracing to a key level before a massive move to the upside.
“Up only szn (season) is almost here. Each bull market saw significant acceleration higher at inflection points tracing back to trendlines touching previous cycle’s highs.”
Looking at his chart, Kaleo suggests that Bitcoin may hit $280,000.
Bitcoin is trading for $111,386 at time of writing, down marginally in the last 24 hours.
Next up, the analyst says that Ethereum against Bitcoin (ETH/BTC) remains in an uptrend and may break through resistance.
“It’s officially Ethereum szn (season). We didn’t come this far after so long to only come this far. Higher from here.”
ETH/BTC is trading for 0.03867 BTC ($4,311) at time of writing, up marginally on the day.
Moving on to Dogecoin (DOGE), the analyst says that the memecoin may be flashing bullishness, breaking out of a descending channel pattern.
“DOGE is starting to break out. Expect to see an acceleration above $0.25. Still long overdue for a massive god candle.”
DOGE is trading for $0.24 at time of writing, down marginally on the day.
Lastly, the analyst says that Sui (SUI) may be printing a bullish symmetrical triangle pattern.
“Support at the base of the trend held strong at $3.00. Break the upper bounds of the range and this should finally rip to new all-time highs. $10+ is a magnet.”
Sui is trading for $3.47 at time of writing, down marginally on the day.
