Bitcoin (BTC) is poised to enter the next phase of its bull market, according to a well-known crypto strategist. Kaleo, a pseudonymous analyst with a large following on X, believes that Bitcoin is gearing up for a significant rally that could last until the end of 2025.
Kaleo recently shared an inverse Bitcoin chart that suggests BTC will reach the trendline of his logarithmic growth curve by next year, potentially soaring to a price target of around $220,000. The analyst seems confident in this prediction, urging his followers to be more bullish on Bitcoin.
Analyzing the inverse chart further, Kaleo points out that Bitcoin historically experiences steep rallies following its halving event, which occurs when miner rewards are halved. He anticipates that Bitcoin will consolidate for a few more days before embarking on a series of surges that break through multiple resistance levels.
Based on the chart, Kaleo predicts that Bitcoin could reach new all-time highs by early next month. As of the current writing, Bitcoin is valued at $59,997, marking a 3% increase for the day.
In addition to Bitcoin, Kaleo also shared insights on the US dollar index (DXY), suggesting that it has likely peaked and is on track to decline to levels around 72 by 2026. The DXY measures the value of the US dollar against a basket of major fiat currencies, and a plummeting DXY is typically seen as bullish for risk assets like stocks and cryptocurrencies.
Kaleo’s forecast for a DXY collapse was initially made in May of 2023, and the index has been following his projected price path since then. Currently, the DXY is trading at 100.898.
Overall, Kaleo’s analysis paints a positive picture for Bitcoin’s future price movements and suggests that both Bitcoin and other risk assets could see significant gains in the coming years. As investors continue to monitor these developments, the cryptocurrency market remains an area of high interest and potential growth opportunities.