A widely followed analyst believes that the cryptocurrency market is about to enter the next phase of a bull cycle.
The pseudonymous analyst, Kaleo, told his 639,700 followers on social media platform X that the real bull market had yet to begin.
Crypto strategists say Bitcoin (BTC) is currently in a post-halving accumulation phase and is poised to rise toward a high price target of $200,000.
“Each major bull market rally has seen a significant decline in terms of post-halving growth, with their respective all-time high (ATH) movements down approximately 3.5x from the previous cycle. This trend If this continues, BTC’s ATH for this cycle will be between $150,000 and $200,000.”
At the time of this writing, Bitcoin is trading at $70,016.
Looking at Ethereum (ETH), Kaleo believes the major smart contract platforms will soar to around $12,000 this cycle.
“Today's news was very interesting, but this chart is just starting to pick up steam. I hope it goes up even more.”
At the time of writing, ETH is worth $3,774.
As for other cryptocurrencies, Kaleo believes that the massive inflows into Bitcoin and Ethereum will spark an altcoin craze.
“The opportunities associated with this kind of capital movement are going to be tremendous. Altcoins and DApps (decentralized applications) are going to be huge. Maybe one day we will see crypto-native DApps enter the mainstream market. Retail has not yet appeared in large quantities.
“Don't let the waves upset you. We're still warming up.”
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high-risk investments in Bitcoin, cryptocurrencies, and digital assets. Transfers and transactions are at your own risk, and you are responsible for any losses that occur. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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