Kaleo Predicts Bitcoin (BTC) To Mimic The Price Path of Terra (LUNA)
A pseudonymous cryptocurrency analyst and trader, known as Kaleo, expects Bitcoin’s (BTC) upcoming price path to mimic the price movement of an altcoin that appreciated more than 10,000% in a year.
The analyst shares with his 391K Twitter followers that he thinks stacking BTC looking at the big picture, is a good idea. He lays out chart comparison between the price action of Bitcoin and smart contract platform Terra (LUNA). Looking at the charts there are definitely similarities in the movement.
Terra’s native token LUNA soared over 10,000% within a year, and touched its all-time high of $43.82 earlier in September. At the time of writing, LUNA trades for $38.44, with 8.1% profits on a daily chart, according to CoinMarketCap.
The analyst predicts that Bitcoin will probably go down a little bit more before starting to climb. At the time of writing Bitcoin trades at $43,658, with 1.8% profit on a daily chart.
Kaleo elaborates:
“If I had to guess, I bet we see a quick dip down to 37 or so and run it back turbo from there.
A move down to $37K isn’t scary. You know what is scary, though? Selling slightly above that level to try to capture a few extra percentage points lower, only to miss your target, buy back higher and have less BTC than what you started with before the run up to $100K+.”
The trader is also expecting price jump for the smart-contract platform Solana (SOL).
