A high-profile crypto dealer is discussing what he believes is in retailer for Bitcoin (BTC) heading into the remainder of the 12 months.
The pseudonymous dealer, generally known as Kaleo, is taking a look at potential similarities between Bitcoin’s chart from July of 2020 and right this moment.
Kaleo tells his 332,000 Twitter followers that this time final 12 months, Bitcoin adopted the tech narrative and exploded alongside the Nasdaq. This time round, he’s searching for historical past to rhyme.
“Just a reminder that one 12 months in the past everybody thought BTC seemed horrible additionally. The sane factor to do was to take revenue earlier than it crashed again down beneath $6,000 although tech was operating wild.
It didn’t take lengthy for the narrative to change.”
Kaleo notes that the Bitcoin chart seemed particularly bearish within the center interval of July, however after that BTC rallied arduous.
“The chart seemed horrible from July ninth via the twentieth particularly. It went vertical from there.”
Kaleo additionally shares a chart overlaying along with his projected July BTC worth motion. According to the dealer’s chart, Bitcoin may consolidate till the top of July, after which take off and hit $48,000 by August.
“This isn’t to say that historical past mirrors itself completely, however it usually rhymes.”
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