A prominent crypto analyst, known as Kaleo, believes that Bitcoin (BTC) and the rest of the digital asset market will not reach new highs until at least next year. According to Kaleo, many crypto traders are distracted by “the noise of $1,000 candles” and fail to recognize the broader outlook for BTC, altcoins, and non-fungible tokens (NFTs).
Kalo’s Previous Prediction and Bitcoin’s Current Trajectory
Along with his current prediction, Kaleo made reference to the one he made nearly a year ago. In July 2022, the expert shared a roadmap predicting the following milestones:
- A base range between $16,000 – $30,000, breaking above high time frame (HTF) diagonal resistance around December (occurred in early January).
- Rapid, overhyped growth in early 2023, capping out in the $50,000s (currently in progress, with a lean toward the high $40,000s).
- No genuine alt season until Spring 2024 (accompanied by a strong NFT rally).
- No new BTC all-time high (ATH) until late 2024 or early 2025.
At the time of writing, Bitcoin is trading at $29,333, experiencing a 1.4% decrease within the past 24 hours. Right now, Kaleo anticipates that the $40,000 level will act as a magnet for BTC. From that point, the analyst plans to adopt a more neutral/risk-off approach through the end of 2023 and early 2024, then shift focus to alts and NFTs.
Dogecoin Exhibiting Strength
Kaleo also highlights the impressive performance of the meme-based cryptocurrency Dogecoin (DOGE) against Bitcoin. In the last 24 hours, DOGE has decreased by 5.4% to $0.87, with a trading volume decreasing by 46% to $802 million at press time.
Despite the recent $258 billion lawsuit against Elon Musk by Dogecoin investors, claiming his DOGE comments were too ambiguous to substantiate fraud accusations, the crypto asset’s market performance hasn’t been affected majorly.
Musk’s continuous support, including changing Twitter’s logo to match Dogecoin’s mascot, has led to speculation that the platform will eventually adopt DOGE as a payment method. Notably, the hype surrounding Musk’s support is something that wanes just as quickly as it starts.
Potential DOGE Price Movements
Dogecoin’s price recently validated the $0.09 resistance, a horizontal resistance area corresponding to the 0.182 Fibonacci retracement level. If DOGE breaks out, the next resistance could be at $0.1, the 0.228 Fib retracement resistance level.
Conversely, if another rejection from the $0.08 area occurs, the DOGE price may drop to the descending resistance line at $0.07. The daily Relative Strength Index (RSI) is above 50 and rising, suggesting that a breakout is more likely.
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