A widely followed crypto analyst is predicting when Bitcoin (BTC) will likely hit six figures for the first time in its history.
Pseudonymous analyst Kaleo tells his 592,400 Twitter followers that he believes Bitcoin will cross the $100,000 mark in late 2024 or early 2025.
“When do you think Bitcoin will break above $100,000?
I estimate early 2025.
It wouldn’t be a shock if we see the end of 2024. The sooner it happens, the more fun we will have in 2025.”
Its timing of Bitcoin hitting six figures places it shortly after Bitcoin’s next halving event, which is expected to occur in April 2024.
The trader also closely monitors Bitcoin’s price action against the performance of the Nasdaq 100 index (NDX).
According to KaleiBitcoin is breaking above a bearish downtrend against the NDX, which historically marked the start of a massive rally for the crypto king in the past.
“Bitcoin vs NDX. This is still one of my favorite chart equations to watch. BTC has traditionally had huge rallies against technology when it broke bearish downtrends above HTF (high time frame) as shown below. This is where you pile up.”
Bitcoin is trading at $30,676 at the time of writing, up 1.3% in the past 24 hours.
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Image generated: Midway through the journey