A generally followed cryptocurrency analyst says Bitcoin (BTC) could ignite a rally like the one who has the last cycle witness when history repeats himself.
The analyst, pseudonym known as Kaleo, tells Are 704,200 followers on the social media platform X that Bitcoin started parabolic rallies in 2020 to new all-time highlights after the stock market was fully recovered from the COVID-19-Crash and broke out to new record heights.
According to Kaleo, the S&P 500 Stock Index “is again about to break out of new all time” after the correction that was the result of imposing rates on trading partners by the US.
“I believe we see the history repeating itself, and while shares break out – Bitcoin does the same and performs considerably better than.”
From the end of Friday, the S&P 500 is traded on 5,967 points, a decrease with only about 3% compared to its record high of 6,147 points.
The pseudonymous analyst out That, in contrast to the previous cycles, Bitcoin is now drawing new sources of demand. According to Kaleo, this is a reason to be ‘bullisher’ on the flagship Crypto Asset.
“This is the first cycle with spot Bitcoin exchange-bound funds (ETFs). Something we dreamed of in earlier cycles, but have never seen that flourish. This makes potential investments of new capital in BTC possible at a rate that we have never seen before.
Countries and companies are starting to build BTC reserves. El Salvador, Tesla, Gamestop and others are only the first dominoes that fall.
We finally have a pro-Crypto president in the US insisting on pro-industry regulations.
The technology and infrastructure of the industry is also better than ever. [Decentralized Applications] Dapps are more advanced, BTC is used as a development layer and the number of places that BTC accepts as a form of payment is higher than ever before. “
Bitcoin acts at $ 104.143 at the time of writing, with about 7% of the all time high reached last month.
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Generated image: midjourney