A high-profile crypto trader is discussing what he believes is in store for Bitcoin (BTC) heading into the rest of the year.
The pseudonymous trader, known as Kaleo, is looking at potential similarities between Bitcoin’s chart from July of 2020 and today.
Kaleo tells his 332,000 Twitter followers that this time last year, Bitcoin followed the tech narrative and exploded alongside the Nasdaq. This time around, he’s looking for history to rhyme.
“Just a reminder that one year ago everyone thought BTC looked terrible also. The sane thing to do was to take profit before it crashed back down below $6,000 even though tech was running wild.
It didn’t take long for the narrative to change.”
Kaleo notes that the Bitcoin chart looked especially bearish in the middle period of July, but after that BTC rallied hard.
“The chart looked terrible from July 9th through the 20th especially. It went vertical from there.”
Kaleo also shares a chart overlaying with his projected July BTC price action. According to the trader’s chart, Bitcoin might consolidate until the end of July, and then take off and hit $48,000 by August.
“This isn’t to say that history mirrors itself perfectly, but it often rhymes.”
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.
Featured Image: Shutterstock/Jaswe