Analyst Predicts Major Gains Ahead for Crypto Market Despite Current Downturn

A well-known analyst and trader is optimistic that the major gains of the current crypto bull market are still ahead.

The pseudonymous analyst Kaleo suggests that the strong rally in the crypto market from October 2023 to March 2024 could be an early sign of future gains for the asset class.

Kaleo noted that while the current cycle has already seen impressive movements—such as popular memes, engaging dApps, and regular airdrop events—the earlier stages of the cycle remind him of the state of the market in late 2023, when decentralized finance (DeFi) was just becoming popular and other areas seemed stagnant.

He believes that if the early trends continue, this bull market could become the most exciting one yet. Kaleo also pointed out that current market sentiment feels similar to September 2023, when many traders were questioning whether a significant rally was still possible.

Kaleo’s optimism is partly based on the observation that Bitcoin has never ended a bull market immediately after a halving event. He argues that if Bitcoin were to peak shortly after a halving, it would be unprecedented and would challenge the traditional metrics used to track crypto cycles.

Looking ahead, Kaleo predicts that while September might see some downturns, those who hold out could see significant gains as the market progresses through the election period and into 2025.