Analyst Predicts Major Bitcoin Rally Despite Possible Short-Term Drop

Popular crypto analyst, known as Kaleo, predicted that Bitcoin might soon enter a new phase of price discovery, where it trades at record levels never seen before.

Kaleo highlighted Bitcoin’s historic price movements, noting that since the 2012 halving, its value has skyrocketed over 500,000%, from $12 to nearly $70,000.

#Bitcoin / $BTC

Since the 2012 halving, Bitcoin is up more than 500,000% from $12 to nearly $70K.

The majority of that price discovery happened in three windows that lasted a grand total of less than two years.

The other ~10 years? BTC was either moving sideways or down.

Each… pic.twitter.com/cEyn4Bv9sM

— K A L E O (@CryptoKaleo) July 29, 2024

These dramatic increases have occurred in three distinct periods, each following a halving event, with other times marked by relatively stable or declining prices.

He observed that Bitcoin’s current price behavior is similar to past patterns after previous halvings, suggesting that another significant rally could be on the horizon. The most recent halving, which cut mining rewards in half, occurred in April.

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However, Kaleo warned that Bitcoin might first dip to around $40,000 before potentially reaching new highs. He advised that, despite possible short-term declines, this could be an ideal time to invest, as substantial upward movement might be approaching.

Kaleo also forecasted a potential drop in Ethereum (ETH) to about $2,400 before an expected rise to $4,600, indicating similar future price movements.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.