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Cryptocurrency pioneer Bitcoin was again hovering around the $60000 price range this week. Although this crypto token previously soared to a peak of $61,000 in mid-March, it plummeted to $52,000 on March 25 before rising to about $57,500 today. In trading last night, bitcoin prices briefly surpassed $60,000 before reversing course ahead of the market open.
Where Will BTC/USD Head From Here?
A closely-followed analyst and trader whose following keeps on growing amidst his solid altcoins says, Bitcoin looks ripe for an exponential surge in value within a 24-hour timeframe.
In a new tweet, the trader known in the industry as Kaleo says that it is only a question of time before the leading crypto asset draws a huge $10,000 daily candle.
His optimistic outlook for Bitcoin coincides with the announcement of his long-term price goal for the flagship cryptocurrency. Bitcoin’s latest price behaviour, according to the crypto analyst, resembles the sideways consolidation that preceded the cryptocurrency’s breakout above $20,000 in December 2020.
Kaleo pointed at the trend that stimulated Bitcoin from about $13,000 in November 2020 to above $40,000 by the start of 2021, overlaying it with BTC’s current market structure to expose a huge target of nearly $200,000.
We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five-month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.
Also according to blockchain analyst Willy Woo, 2021 will be the year of “crazy bullishness” for Bitcoin as the current price rally reaches its final explosive period. He speculates that Bitcoin will go far beyond $200,000 and trade at $2 million as institutional investors provoke a phenomenal BTC supply crunch.
At the time of writing BTC price was trading at $57,546.29.