Business

Top Crypto Analyst Predicts Imminent Short Cut for Bitcoin (BTC) – Here’s His Target

A closely watched crypto strategist believes that Bitcoin (BTC) looks poised for rapid growth.

Pseudonymous analyst Kaleo tells his 553,400 Twitter followers that cryptocurrency king Bitcoin could be ready in no time.

“Finally, BTC looks poised to break out of the core $16,000-$17,000 range it has been stuck in for the past few weeks. Begin the squeeze.”

The painting
Source: Kaleo/Twitter

A short squeeze occurs when traders borrowing an asset at a certain price in hopes of selling lower to keep the difference (short) are forced to buy back as the trade moves against them.

Looking at Kale’s chart, it seems he thinks Bitcoin could go as high as $18,800. At the time of writing, Bitcoin is changing hands at $16,930, indicating a nearly 10% gain for the crypto royal if it hits analysts’ targets.

As for Ethereum (ETH), the crypto strategist also thinks the top smart contract platform is poised for a rally.

“Ethereum/ETH finally looks primed for the next phase in the ~$1,400 range.

I should see some pullback and consolidation before more continues.”

The painting
Source: Kaleo/Twitter

At the time of writing, Ethereum is valued at $1,261.

The crypto strategist also keeps a close eye on the S&P 500 (SPKS). According to Kaleo, the SPX looks poised to clear its resistance at 3,900 points.

“Once again, when SPKS breaks 3,900 [points]fasten your seat belts.”

The painting
Source: Kaleo/Twitter

Traders keep an eye on the SPX because crypto markets tend to mirror stock market index movements.

At the time of writing, SPX is trading at $3,895.

Don’t Miss a Beat – Subscribe to receive crypto email alerts straight to your inbox

Check out the price action

Follow us on TwitterFacebook and Telegram

Surf The Daily Hoddle Mix

Check the latest news

&nbsp

Disclaimer: The opinions expressed in The Daily Hoddle 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 your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hoddle does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hoddle an investment advisor. Please note that The Daily Hoddle participates in affiliate marketing.

Featured Image: Shutterstock/TadashiArt/Sensvector



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button