A widely followed popular cryptocurrency analyst and trader is expressing bullish sentiment on Bitcoin (BTC).
The pseudonymous analyst Kaleo tells his 569,500 Twitter followers that Bitcoin’s rally to the key psychological level of $40,000 will be swift.
“The move from $30,000 to $40,000 BTC is going to happen a lot quicker than most people think.
Plenty of people who *want* to be bulls, but are waiting for a dip will be left watching from the sidelines.”
Kaleo has previously set a target of $40,000 for Bitcoin, saying severally that the key psychological level is a “magnet.”
“This is your daily reminder that $40K is a magnet. Do you believe me yet?”
Turning to altcoins, Kaleo says that a short-lived altcoin rally could happen once Bitcoin dominance temporarily retraces on its way to rising above 52%.
“If we’re going to see any type of *mini* altcoin season this run, it probably happens here [between the Bitcoin dominance level of 47% and 52%].
BTC dominance is testing the upper resistance of the channel it’s been chopping in the past two years.
A slight pullback here – resulting in a little alt rally across the board makes sense.”
Bitcoin dominance (BTC.D) is at 47.44% at time of writing, according to Trading View.
According to Kaleo, altcoins will, however, fall in value relative to Bitcoin as the flagship crypto asset renews its bullish momentum.
“To clarify, I’m still extremely bullish on Bitcoin vs. altcoins on most timeframes.
If anything, I see this mini altcoin rally as an opportunity for those of you who are overweight altcoins to rebalance your portfolio and rotate some of those profits back into BTC.
Bitcoin currently has strong bullish momentum – we’re in a slight pause prior to a massive next leg up flying straight past $30,000.
Sub $30,000 is realistically your window to take advantage of this move for altcoins.”
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