IMPORTANT POINTS:
- Cryptoanalyst Kaleo forecasts that Bitcoin will surpass 100,000 in 2024 or 2025.
- Prediction based on the upcoming Bitcoin halving and comparison to the Nasdaq 100 Index.
- Kaleo points out that Bitcoin has had massive rallies by breaking downtrends against the NDX.
Crypto analyst Kaleo, who has more than 592,000 followers on Twitter, talks about the possibility of Bitcoin reaching six figures for the first time in its history.
The analyst believes that the market’s flagship cryptocurrency will cross the $100,000 level in late 2024 or early 2025.
The analyst was asked when he thinks Bitcoin will break the $100,000 barrier.
He answered:
“I think early 2025. I wouldn’t be surprised to see it late 2024. The sooner that happens, the more fun we’ll have in 2025.”
For the analyst, the time when Bitcoin will reach six figures places it shortly after the next Bitcoin halving, which is expected in April 2024. The trader also closely follows the evolution of the Bitcoin price compared to the Nasdaq 100 (NDX) index.
According to Kaleo, Bitcoin is breaking above a downtrend against the NDX, which has historically signaled the start of a massive rally for the crypto king in the past.
“Bitcoin vs. NDX. This is still one of my favorite graphical comparisons. BTC has historically had massive rallies against technology when it has broken above HTF (high time frame) downtrends like the ones below. This is where it stacks up.”
