One of the well-known crypto experts is of the opinion that Bitcoin will not see any new all-time high for the next two years.
Kaleo, an anonymous analyst, informs his 526,200 Twitter fans that the flagship currency is expected to enter into the crab market or also known as sideways trading.
This movement is expected to happen before Bitcoin hits a new all-time high which he predicts will happen in early-2024.
As per the strategist, the first born currency will hover between $16,000 and $30,000 until November or the next five months prior to moving upwards.
Kaleo explains his point stating that the Bitcoin price should trade between the base level of $16,000 to $30,000 for the next five months, and from the month of December the price is expected to move up right breaking its high time-frame diagonal resistance.
He further says that though there will be a price speed up for the next few months, the overhyped growth seen in 2023 will not land up at hitting an all-time high.
According to him, if the flagship currency makes for $50,000, then that would make some sense. However, he says that this will ignite just a mini altcoin season.
Kaleo feels that by the time of next halving in March of 2024, the next 18 months or so, which will be determined by the crab market, will see the price holding on above high time-frame due to algorithmic support.
The analyst also states that as the lead cryptocurrency stays in a crab market, altcoins will see altcoins slowly rising along with NFT [non-fungible token] markets.
Bitcoin Price To Hit $110,000?
According to Kaleo, after the next halving in 2024, Bitcoin will hit a new all-time high of $110,000.
The strategist believes that in late 2024/ early 2025, Bitcoin will see a new all-time high of six-figure.
He concludes his analysis with a clarification that Bitcoin will go higher than what the below chart is depicting, the range around $110,000.
However, he says that even if the currency falls at that price level, that will still account for 5x+ when looking at the currency price levels in less than two and a half years.
Kaleo finally says that this price action will be enough to even overtake the inflation.
Presently, Bitcoin price is trading at $21,423 with an increase of 0.51% over the last 24hrs.