Kaleo Warns Short-term Traders and Advices to Focus on the Big Picture
Widely-followed crypto analyst and trader known as Kaleo, warns that majority of traders would be better off staying on the sidelines than trying to play the volatile Bitcoin market.
In a recent tweet, the pseudonymous crypto strategist tweets to his 322K followers to be patient as opposed to trying to “scalp” the choppy Bitcoin range between $30,000 and $40,000.
I’ll repeat what I’ve been saying – you can attempt scalp trading in this range, there are some traders killing it, but 95% of you will chop yourselves to negative PnLs in the process. Or you can buy here, hold, be patient for a bit and thank yourself later.
“I’ll repeat what I’ve been saying – you can attempt scalp trading in this range. There are some traders killing it, but 95% of you will chop yourselves to negative PnLs (profits and losses) in the process. Or, you can buy here, hold, be patient for a bit and thank yourself later.
Bitcoin isn’t dead.”
While the current crypto sentiment and mood might be heavily bearish, according Kaleo the digital asset market following the footsteps of the tech industry, which cause reason for being bullish in the long-term.
Being HTF bearish here doesn’t make sense.
The tech market has recovered from its spring depression back to new all time highs and is on the verge of exploding into price discovery.
Why should we expect #Bitcoin to decouple and continue lower?
“Being HTF (high timeframe) bearish here doesn’t make sense.
The tech market has recovered from its spring depression back to new all-time highs and is on the verge of exploding into price discovery.
Why should we expect Bitcoin to decouple and continue lower.”
The trader points out fundamental factors that he thinks will end up being bullish catalysts for BTC and the crypto markets in larger scale, including inflation and the unlikelihood of higher interest rates anytime soon.
“Money is continuing to be printed at an unprecedented rate. Inflation isn’t going anywhere until the Fed decides to actually do something and raise rates. In my opinion, there’s no way that happens in the first year of Biden’s presidency. Terrible optics. When it’ll happen is when they realize the market is bubbling out of control (also known as tech bubble 2.0 narrative). Bitcoin will catch up to tech and once again will outpace it at the peak of the madness.”
Kaleo seems completely unmoved by Bitcoin’s latest crash, believes $100,000 BTC is still in the cards and advices to focus on the big picture.
“That’s why I literally give zero sh*ts when we get these little dips. $100,000+ is inevitable. These LTF (low timefame) moves are just distractions to make you forget the big picture.”
