The cryptocurrency market continues to gain strength, with Bitcoin holding steady above $65,000. Analysts are now pointing to even higher levels for the leading crypto. A prominent crypto analyst with a large following has predicted a major rally for Bitcoin, forecasting that BTC will reach six-figure numbers after the U.S. presidential elections.
Kaleo Predicts a Path to $112,000 for Bitcoin
As reported by Turkish NY Radio, the market is buzzing with excitement over a potential new rally. However, the duration of this surge remains uncertain. Yet, some analysts believe that Bitcoin still has more room to grow. Crypto analyst Kaleo, who boasts 649,500 followers on social media platform X, recently shared his latest predictions. He forecasts that Bitcoin will replicate its year-end model from 2023, reaching new all-time highs (ATH). Kaleo explained his theory in the following way:
“I overlaid the price action from last September/October on this year’s for fun. It shows that September marked the bottom of the range, and ‘Uptober’ led to a solid increase in momentum, but the real fun didn’t start until late in the month into December. I like the overall path. It aligns with my theory: ‘Range during the election. Tear it apart afterward.’ Just a little more patience, my friends. It won’t be long before sleepless nights become the norm again. Enjoy the calm while it lasts.”
Analyst Says Bitcoin Will Gain Strength Against Gold
The Federal Reserve‘s decision to start its easing cycle with a 0.50 basis point cut has pushed gold to record levels. In parallel, Bitcoin has also seen a strong rise. Kaleo predicts that Bitcoin will soon surpass its all-time highs against gold, breaking out of a descending channel in the BTC/Gold ratio. He suggests, “Imagine looking at the BTC/Gold ratio chart and realizing it’s not just going to reach all-time highs soon.”
Based on his analysis, Kaleo expects Bitcoin to close December near $112,000. As of writing, Bitcoin was trading at $65,565, up 1.9% on the day. The leading cryptocurrency has seen a weekly increase of more than 3%, and on a monthly basis, it has climbed by 9.2%, showing steady progress.
