A prominent cryptocurrency strategist said that Bitcoin seems ripe for an exponential increase in value in 24 hours.
In a recent tweet, the analyst known in the industry as Kaleo told his 115,500 followers that it is only a matter of time before the market’s top crypto print a huge $ 10,000 daily candle.
His extremely high expectations arise when he reveals his long-term price target for the cryptocurrency.
Current high will push BTC to $ 200k
According to the strategist, the current Bitcoin price action resembles lateral consolidation in December 2020. It is noteworthy that it then burst above $ 20,000 in December 2020.
“Break above $ 20,000 for a new price record compared to where we are now. If you are not taking advantage of this low volatility, you will not succeed. “
As the trader pointed out, the current stock catapulted Bitcoin from $ 13,000 in November 2020 to $ 40,000 in early 2021.
To illustrate the comparison, Kaleo copied the pattern and overlapped it with BTC’s current market structure. Thus, based on this comparison, he revealed a massive goal of almost $ 200,000 for Bitcoin.
Kaleo’s optimistic forecast comes at a time when Bitcoin is in the midst of a supply crisis. And it is based on this scenario that the network analyst, Willy Woo, believes that Bitcoin will go well beyond $ 200,000.
According to Woo, BTC will cost $ 2 million when institutional investors start a historic supply crisis.
“We can see this by tracking the flow of currencies outside of exchanges, where people typically speculate or buy and sell their cryptocurrencies and have a defined stock, part of which is allocated for speculation. We just saw an unprecedented amount of depletion of this stock of crypto assets, ”he said.
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