A widely followed crypto analyst believes that Bitcoin (BTC) will show a similar bullish pattern in 2020.
In a new thread, pseudonymous crypto trader Kaleo tells his 728,400 followers on
“I still believe the market is in a similar place to what it was in the fall of 2020. In both scenarios, BTC lost a key support line that it had been holding, dating back to the recovery from a major crash. This led to a mini-bart scenario where the price found a base for a new range, after following almost all of the last major surge.
During most of the post-Covid recovery in 2020, equities (particularly the technology sector) significantly outperformed Bitcoin. The majority of alts were silent, apart from a few in the DeFi (decentralized finance) sector. People claimed Bitcoin was dead. Currently, stocks are printing new all-time highs seemingly every day. People are once again claiming that Bitcoin is boring and alts are dead. It’s only a matter of time before that story changes.”
The analyst also says Bitcoin is likely in an extended bull market, dismissing the four-year cycle theory that states the top crypto asset has entered a bearish phase.
Bitcoin’s four-year halving schedule and the large price drops that historically occurred once every four years have given the impression that the benchmark cryptocurrency follows a four-year cycle.
“I still believe this is not the typical four-year cycle where we expect another year or two of bearish price action before we see new all-time highs. Instead, when we see new all-time highs in 2026, we will mark the ‘fun phases’ of a new super cycle. Higher for longer, true alt seasons and new retail mania with mainstream crypto dapps (decentralized application).
This should be followed by an extended bear market – but for those of you who were brave enough to stick around through the dark and boring days, hopefully you’ll be able to stack up enough in the coming years to be prepared to survive this one. This is not the time to run away. It’s time to double down and work harder. Be more optimistic.”
Looking at his chart, the analyst suggests that Bitcoin will reach the $140,000 level in 2026.
Bitcoin is trading at $87,943 at the time of writing, up marginally on the day.
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Featured image: Shutterstock/WhiteBarbie/Taves