A popular crypto analyst thinks Bitcoin is about to make a big move, even though it dipped below $70,000 this week.
Don’t Worry About the Dip
Trader Kaleo, who has over 650,000 followers on X (formerly Twitter), says Bitcoin might be following a similar pattern to 2020. He believes the recent dip is just a temporary setback before a major breakout.
“Bitcoin dipped a bit in 2020 after hitting its previous high, but then it went on to set new records,” Kaleo explained. “We’re seeing a similar situation now, and a small pullback shouldn’t worry anyone. This is just the calm before the storm.”
Gold Could Be a Good Indicator
Kaleo also points out that gold is on a tear, hitting new highs. He believes Bitcoin could follow a similar trajectory, potentially even outperforming gold.
“Gold has broken out of a long-term range, and a big move to $8,000 or more seems likely,” Kaleo said. “Bitcoin could easily do the same, if not even better.”
What Does This Mean for Investors?
Kaleo’s predictions suggest that Bitcoin could be poised for a significant rally. While he acknowledges that a larger pullback is possible, he believes it’s unlikely to derail the overall bullish trend.
Remember, this is just one analyst’s opinion, and it’s important to do your own research before making any investment decisions.
