A widely followed crypto analyst believes that Bitcoin (BTC) may go on a massive rally and hit six figures after the US presidential election.
Pseudonymous crypto trader Kaleo tells his 649,500 followers on the social media platform X that Bitcoin may repeat an end-of-the-year pattern from 2023 and print fresh all-time highs (ATHs).
“Overlayed the fractal of last September/October’s price action to this year’s just for fun. It serves as a good reminder that September did mark the bottom of the range and ‘Uptober’ led to a solid shift in momentum higher, but the real fun started at the end of the month through December.
I like the idea of the general path. It aligns with my theory of: ‘Range through the election. Rip when it’s over.’
Just a bit more patience bros. Won’t be long before sleepless nights are the norm again. Enjoy the calm while it lasts.”
Source: Kaleo/X
Looking at his chart, the analyst suggests that Bitcoin could close out December at around $112,000.
Next up, the analyst suggests that the value of Bitcoin relative to the price of gold, the BTC/gold ratio, may break out of a descending channel and reach new all-time highs.
“Imagine looking at the BTC/gold ratio chart and not bullieving it’s about to be up up only sending to new all-time highs soon.”
Source: Kaleo/X
Bitcoin is trading for $63,449 at time of writing, up 5.2% in the last seven days.
Generated Image: Midjourney
