A widely followed analyst believes that the crypto market is about to witness the next phase of the bullish cycle.
Kaleo, a pseudonymous analyst, told his 639,700 followers on social media platform X that the real bull market has not yet begun.
The crypto strategist said Bitcoin (BTC) is currently in a post-halving accumulation phase, poised to rally towards an upside target of as much as $200,000.
“Each major bull market rally has seen a significant decline in terms of post-halving growth, with each all-time high (ATH) movement down approximately 3.5x from the previous cycle. If this trend 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 platform will rally to around $12,000 this cycle.
“Today's news was very interesting, but this chart is only just beginning to rise. I hope it continues to rise.”
At the time of writing, ETH is worth $3,774.
Regarding other crypto assets, Kaleo believes that the large influx of funds into Bitcoin and Ethereum will spark altcoin fever.
“The opportunities presented by such a capital movement will be insane. Alts and DApps (decentralized applications) will be all the rage. Perhaps one day crypto-native DApps will enter the mainstream market. It's going to come. Retail hasn't come to the masses yet.
Don't be upset by the chop. We're just warming up. ”
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that sending and trading is at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. Additionally, The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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