‘Kaleo,’ a well-known crypto analyst, recently talked about the current market situation and how he believes it represents an opportunity to once again ‘buy at the dip’ (buy crypto assets when the prices are much lower). He also claims that Bitcoin (BTC) is extremely likely to experience a rapid recovery as soon as it breaks free from the $30,000 to $35,000 mark.
It had been through Twitter that the analyst made his claims known to the public, and he currently has more than 330,000 followers. He was correct in his prediction about Alpha Finance Lab (ALPHA) recently, and many investors tend to take his advice very seriously. According to Kaleo, Bitcoin’s price had apparently been impacted thanks to last year’s Nasdaq index; wherein there was a sharp move upward following the rapid expansion of the tech. Bitcoin then began outpacing the tech when it had set a new all-time high.
Bitcoin looks bearish now, but that can change soon
The analyst realized that the flagship crypto’s chart appears to be bearish at the moment. However, he is hopeful that this will not be the case for long and that a massive price recovery will happen sooner rather than later. The logic behind his claims is due to the fact that around this time in 2020, the Bitcoin chart had similarly appeared bearish. However, the price had indeed spiked not long afterward.
Naturally, the crypto analyst then asked all of his followers to take advantage of the current situation and ‘keep stacking’ so that the opportunity is not wasted. He truly believes that this is the correct time to purchase BTC before the seemingly inevitable recovery begins.
BTC to reach $100,000?
In June, the analyst had boldly predicted that Bitcoin’s price should reach $100,000 and beyond as far as the long-term may be concerned. He expects the digital asset to vastly outperform the tech stocks. He is not the only one who seems to think this way either, as Troy Gayeski, the senior portfolio manager and investment officer (co-chief) of SkyBridge Capital, stated that we might very well be about to witness a significant BTC supply shock, the likes of which we might have never experienced before.
Gayeski had claimed that, usually, on-chain signals tend to suggest that ‘strong holders’ may once again be busy accumulating BTC and these investors often have plans of holding the crypto for extended periods of time. Essentially, the coins are now being bought up by the holders from the speculators who had entered the market around the time when Bitcoin’s price had begun increasing.