Kaleo Reveals His Game Plan for BTC: Start To Sell At One Key Level
A widely-followed crypto analyst and trader, known as Kaleo, has plans to scale out of Bitcoin once BTC hits a certain key level.
The analyst in a recent tweet tells his nearly 330K Twitter followers that Bitcoin will likely jump more than 5x from its current value of $34,664 by the end of the year.
“Still think it tops out w/ a nice wick around $185,000 – $215,000, but my goal isn’t to snipe the top.”
Kaleo lays out this game plan to start selling once Bitcoin breaks below his price target.
“Basically, my game plan is to be uber bullish until Bitcoin breaks above $150,000. I’ll start exiting there and flip uber bearish when it breaks back below $150,000.”
BTC has been trading sideways between $30,000 and $40,000 while sentiment remains largely bearish, the crypto strategist points out Bitcoin’s correlation with the tech industry.
The analyst compares the price of Bitcoin to the NASDAQ 100, and predicts that Bitcoin will eventually catch up to the tech industry’s rapid expansion in the last two months.
The tech industry has been a reliable indicator of Bitcoin’s future price action since the coronavirus-induced sell-off in March 2020, says Kaleo. The trader also predicted that the leading cryptocurrency will significantly outpace the tech industry once the next leg of the bull market resumes.
“When they realize the market is bubbling out of control (aka tech bubble 2.0 narrative). Bitcoin will catch up to tech, and once again will outpace it at the peak of the madness.”
