Bitcoin May Soar Past Six Figures After US Election, Analyzes Trader Kaleo
Crypto analyst Kaleo predicts that Bitcoin (BTC) may surge past $100,000 after the US presidential election, following historical patterns. He forecasts a closing price of around $112,000 by December and comments on the potential for the BTC/gold ratio to reach new highs. Currently, Bitcoin is valued at $63,449, having risen 5.2% in the past week.
A prominent cryptocurrency analyst suggests that Bitcoin (BTC) could experience significant growth and potentially surpass the six-figure mark following the upcoming US presidential election. The analyst, who operates under the pseudonym Kaleo, shared his insights with over 649,500 followers on the social media platform X, indicating that Bitcoin may replicate a year-end rally observed in 2023, potentially reaching new all-time highs (ATHs). Kaleo noted the cyclical nature of Bitcoin’s price patterns, stating, “Overlayed the fractal of last September/October’s price action to this year’s just for fun. It serves as a good reminder that September did mark the bottom of the range and ‘Uptober’ led to a solid shift in momentum higher, but the real fun started at the end of the month through December. I like the idea of the general path. It aligns with my theory of: ‘Range through the election. Rip when it’s over.’ Just a bit more patience bros. Won’t be long before sleepless nights are the norm again. Enjoy the calm while it lasts.” Kaleo’s projections suggest that, should this trend continue, Bitcoin could close December trading at approximately $112,000. Additionally, Kaleo posits that Bitcoin’s price relative to gold—the BTC/gold ratio—may also break from a descending trend and achieve new highs. He expressed optimism regarding this potential breakout, saying, “Imagine looking at the BTC/gold ratio chart and not bullieving it’s about to be up up only sending to new all-time highs soon.” As of the current moment, Bitcoin is listed at $63,449, reflecting a 5.2% increase over the past week.
This article discusses the bullish sentiment surrounding Bitcoin, particularly in light of upcoming political events in the United States. Analysts closely observe Bitcoin’s price movements as they often correspond with broader market trends, such as those seen during significant periods of political instability or change. The analyst Kaleo highlights a fractal pattern observed in previous months that could indicate a similar trajectory for Bitcoin in the upcoming election period. The BTC/gold ratio is also introduced as another metric of potential growth, reflecting Bitcoin’s increasing maturity and acceptance within financial markets.
In summary, the speculation surrounding Bitcoin’s potential surge beyond $100,000 post-US election reflects a broader confidence in cryptocurrency as a financial asset. Analysts like Kaleo highlight historical price patterns that suggest a bullish trend, reinforcing the notion that political events can significantly impact cryptocurrency markets. However, investors are encouraged to conduct thorough research and consider the inherent risks involved in cryptocurrency investments. The ongoing increase in Bitcoin’s value showcases its volatility and the rapidly evolving nature of the digital asset landscape.
Original Source: dailyhodl.com
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