Crypto Trader Predicts More Rallies for Bitcoin, Says BTC Breaking Out Against Major Stock Index
A closely followed crypto strategist says a bullish pattern is taking shape for Bitcoin (BTC) against the S&P 500 (SPX).
Pseudonymous analyst Kaleo tells his 596,500 followers on the social media platform X that Bitcoin is starting to form a breakout pattern against the SPX that historically precedes an upward trend.
“Now, what gives me a little bit more confidence we’re going to see some follow through is this chart right here: BTCUSD/US500. If you are feeling a little bit more aggressive, I do think that this gives you a little bit more confidence looking into it.
When we’re looking at these diagonals for the past year, all of 2023 when we have had a breakout of this major downtrend for BTC versus the S&P 500… every time that we’ve gotten one of these major downtrend breaks on the diagonal, we’ve seen a pretty decent follow through, a decent impulse move.”
The trader is closely watching whether the crypto king can decisively enter the $28,000 range, which he says would confirm BTC’s bullish momentum.
“The thing to be a little bit more cautious of right now: we haven’t necessarily seen that pure straight green candle higher immediately right here. But again, you go back to a bunch of these breakouts previously… It wasn’t as straight up as what it looks like whenever you’re looking at the four-hour [chart]… A little bit of a grind higher followed by just continuation after that…
I’m in the camp where I think this continues higher. I think that we have the breakout that we’re looking for. If you really want to be a little bit more cautious, I think $28,000 is what you want to look for as far as the USD price, but just looking at BTC versus equities, I think there’s a decent chance to really buy into this hopium.”
Bitcoin is trading for $27,561 at time of writing, down 1.5% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.