Kaleo Predicts A Blow-off Top For Crypto And Tech Stocks, Here’s When
According to a widely-followed crypto analyst and trader known as Kaleo, Bitcoin and the stock market are likely to spark a massive rally side to side and then crash in forming a blow-off top pattern.
The pseudonymous analyst revealed in a discussion with Jake Wujastyk of Trend Spider, what his crypto market strategy looks like.
Kaleo explains that crypto space is going through a similar market cycle to what tech stocks went through in the late 1990s. Regarding the leading crypto asset, the analyst doesn’t see Bitcoin going much lower from current prices.
“I think, at least, my whole strategy has basically been playing off the tech bubble 2.0 narrative, and I think crypto fits within that window. And I really think it’s going to be similar to what we saw back in that 1999-2000 timeframe where the market tops around March, where there is a blow-off top, both in equities and crypto, but especially in the tech side of the market when it comes to equities.
And then I think crypto still even outpaces tech. You know, that includes Bitcoin, Ethereum, you can go down the list.
So, short-term right now… I don’t see us going too much lower than where we’ve gone already.”
Kaleo says he is not that interested in the short-term price action, but is more focused on the long term price for Bitcoin, which he believes could go up all the way to $250,000 in the coming months.
“I’m not sitting there stressing about every micro movement, I’m looking more zooming out for the macro price targets, and I still think BTC within the next six months, could go to $150,000 – $250,000. So as far as a capitulation wick, Maybe [it] does touch 50k. Like, if it touches 50k, all that you’re going to see, in my opinion, is more opportunity.”
