A widely followed analyst and trader believes the crypto bull market’s biggest gains are yet to be seen.
Pseudonymous analyst Kaleo tells According to his 646,300 followers on social media platform
“We’ve only just started this cycle and we’ve already had some crazy moves: memes that were entertaining (although they eventually got a little stale), entertaining DApps to keep us busy, and a solid airdrop farm every few months .
The last cycle around this time, decentralized finance (DeFi) just went mainstream and outside of that, pretty much everything was dead while stocks were tearing apart.
If the early stages of this cycle are a sign of what’s to come later, this should be the craziest bull market yet.”
He too notes that current sentiment among traders is reminiscent of conditions in September 2023, just before the crypto markets took off.
“The last time I remember the sentiment being so depressing, the majority of people were starting to wonder ‘is it really over / will we ever take a real step up again / are there no more catalysts, etc.’ was… last September.”
Kaleo say his bullish stance is based on the idea that Bitcoin has never reached a bull market immediately after a halving – when miner rewards are halved.
“Barely above the all-time high of previous cycles and also topping out in this early post-halving would both be completely unprecedented. While not impossible, it would also redefine what metrics most people have historically used to track cycles in crypto. So in my opinion, if this is just the first quarter, it was a more entertaining first quarter than most.”
As for the timing of the next leg, Kaleo thinks traders will to survive In the following months, September is rewarded.
“I think there is still some red left this month, but we are pumping through the elections to 2025.”
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Generated image: DALLE3