A widely followed crypto analyst says Bitcoin (BTC) may be on a massive bullish pattern for years to come.
The pseudonymous crypto trader Kaleo tells his 729,700 followers on
The analyst believes that Bitcoin is trading in line with what is known as a Livermore Accumulation Cylinder, a pattern identified by trader Jesse Livermore, a day trading pioneer who was prominent in the early 20th century.
Livermore cylinders typically see price trading within a rising megaphone pattern, reaching higher and higher highs and higher lows before a final parabolic run well beyond the upper resistance line of the range.
“Bitcoin under $100,000 is free.”
The analyst too say that Bitcoin’s rise this week confirms his bullish theory.
“It happens.”
Bitcoin is trading at $97,682 at the time of writing, up 3.7% in the past 24 hours.
The analyst predicts that altcoins will eventually outperform Bitcoin as the top crypto asset regains its six-figure range.
“Guys, I can’t stress this enough: Bitcoin will ship well above $100,000 again. We’ll see another huge altseason with this move. It’s not a matter of if, but when. Just like Silver Bulls sounded insane for years, you’re probably feeling a little crazy right now. All it takes is a few green candles to go from people laughing at you to people begging you for advice. Hold your beliefs and focus on positioning yourself for the day when that day comes. Work It gets harder when everyone else complains about how bad it all is.”
Finally, Kaleo say that PENGU, the original holdings of the Pudgy Penguins non-fungible token (NFT) collection, is paving the way for a breakout.
“The PENGU pump has only just started. We are now in a similar place to where we were at the end of April. Accumulating after a break above the resistance of a major downtrend. It is only a matter of time before it returns to the highs.”
PENGU is trading at $0.01313 at the time of writing, up 2.7% on the day.
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Featured image: Shutterstock/Sergey Nivens/Chuenmanuse