Crypto analyst Kaleo noted that Bitcoin’s price has declined to $69,000 but is moving towards new peaks. In a statement on the social media platform X, he expressed that Bitcoin 
$69,485 might replicate a similar pattern to what it showed in 2020 and is on the path to reaching new record levels.
Can Bitcoin’s 2020 Model Be Replicated?
Kaleo pointed out that Bitcoin experienced a pullback to $20,000 in 2020, followed by approximately a 20% decline before consolidating for 30 days. He suggested that, similar to the rise that occurred 219 days after the halving in May 2020, a comparable process might take place now, given that roughly 200 days have passed since the 2024 halving.
Kaleo emphasized the strong correlation between Bitcoin and gold, stating that gold is also progressing towards new highs. He believes that Bitcoin should not lag behind or merely mimic gold’s performance and predicts that gold could surpass $8,000.
“If Bitcoin is not going to replicate gold’s performance, it would be madness.” – Kaleo
Crypto Currency Warnings
The analyst mentioned that Bitcoin might not undergo a significant correction this time, although such a movement could still happen. He advised that investors should be prepared for a possible 20% pullback in BTC, indicating that such corrections would be more pronounced in energy altcoins, though these coins could perform strongly upon recovery.
“If a 20% pullback occurs unexpectedly, don’t be surprised.” – Kaleo
Currently, Bitcoin is trading at $69,748, experiencing a 3.1% decline in the last 24 hours. According to Kaleo, this period is characterized as a time of calm, suggesting that upcoming movements in the market will be more pronounced.
These developments in Bitcoin and gold markets carry significant signals for investors. By examining Bitcoin’s past performance and its relationship with gold, informed decisions regarding future movements can be made.
In conclusion, investors are advised to be prepared for market fluctuations and adjust their strategies accordingly. Kaleo is confident that the bullish phase for Bitcoin has begun based on historical data.
