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.

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.