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A prominent crypto trader and analyst says it is not yet too late for investors to jump into Bitcoin (BTC).
Based on Kaleo’s chart, Bitcoin is taking a page out of its 2017 bull market where it consolidated below $2,000 before surging to its previous all-time high of $20,000.
This time, the trader believes Bitcoin is setting the stage for a meteoric ascent that would catapult BTC to $250,000 by July 2021.
As for altcoins, the pseudonymous trader shares three alts that he says have the potential to spark major rallies.
Crypto Kaleo says fellow traders are underestimating Litecoin (LTC). He believes the coin often dubbed as digital silver is poised to follow its 2017 bull rally and generate gains of over 1,000% from its current price of $203.
“LTC 2017 fractal. If this plays out, there’s still time to accumulate, but you see why it’s worth it to slowly stack…
Now is the time to stack LTC. Litecoin has vertical moves, usually from points of max pain vs. BTC. When it finally goes off, it’ll move faster than you have time to FOMO into it. Buy a little each day now. Thank yourself later.”
Another coin on Kaleo’s radar is Chainlink (LINK).
The trader believes the decentralized oracle network will follow the footsteps of Solana (SOL), which more than doubled its value in a span of a few weeks.
“LINK SOL.”
The third coin on Kaleo’s list is Algorand (ALGO), a project that aims to develop a blockchain that’s scalable, secure, and decentralized.
He says the crypto asset is gearing up to pull off a 242% rally to $6.00 from its current price of $1.75.
“Remember the big picture. ALGO is only just getting warmed up.”
Kaleo is also invested in Stellar Lumens (XLM), Balancer (BAL), and Band Protocol (BAND).
In other trending Bitcoin News today:
Bitcoin ‘Supercycle’ May Emerge In 2021 As Fed Balance Sheet Hits New Record High
Bitcoin (BTC) is looking increasingly like it is in a “supercycle,” not just a bull cycle, statistician Willy Woo suggests.
In a Twitter exchange on Feb. 12, the popular analyst joined Dan Held, growth lead at U.S. exchange Kraken, calling the current BTC market a bull run like no other.
Held had previously explained his theory about the state of Bitcoin in 2021 — that price gains cannot be compared to past bull phases, and do not even match the end of 2017 when BTC/USD neared $20,000.
Instead, this year is looking like a bull run on a wholly different magnitude — a “supercycle” in the making for Bitcoin.
In his own observations, Woo confirmed that data pointed to retail investors returning to Bitcoin in January.
“Retail has arrived. The last 4 weeks. Welcome to the middle phase of the bull market. This one is like no other,” he wrote.
When Held suggested that the supercycle had arrived with them, he responded that 2021 would provide confirmation.
“Can answer that with more confidence in Q4. Right now it’s only fundamental narrative, need to see if the capital flows validate it,” he continued.
“The setup has me leaning towards it.”
In an update this week, Rafael Schultze-Kraft, CTO of on-chain analytics resource Glassnode, estimated that should Thermocap repeat its 2017 performance, BTC/USD could hit $110,000.
“Last bull market, $BTC was at ~$8,500 when Marketcap to Thermocap was at the current levels – and surged another 135% to the top in just a month. Things can go fast,” he tweeted.
“Yea this time’s different, but just in case: 135% from here is ~$110k.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#Fed balance sheet has hit a fresh ATH of $7.44tn last week, equivalent to 34.7% of US GDP. Fed’s balance sheet is smaller than #ECB’s, at 70.7% of GDP, and much smaller than those of SNB or BoJ where total assets are >100% of GDP. pic.twitter.com/bTQCsmTGYL
— Holger Zschaepitz (@Schuldensuehner) February 12, 2021