A widely followed analyst and trader believes the biggest gains in the cryptocurrency bull market are yet to be made.
Pseudonymous analyst Kaleo tells his 646,300 followers on social media platform X that the strong rally in cryptocurrencies from October 2023 to March 2024 could be a sign of what’s in store for the asset class in the coming months.
“We’ve barely started this cycle and we’ve already had some insane meme moves that were entertaining (if a bit stale), some entertaining DApps to keep us busy, and a solid airdrop farm every other month.
During the last cycle, around this time, decentralized finance (DeFi) was just starting to go mainstream and outside of that, almost everything was dead while stocks were soaring.
If the early stages of this cycle are any sign of what’s to come, this is set to be the wildest bull market yet.
He also notes that current trader sentiment is reminiscent of conditions in September 2023, just before cryptocurrency markets took off.
“The last time I remember feeling this depressed, where most people were starting to wonder ‘is this really over/will we ever get a real move higher/are there no catalysts left, etc.’, was last September.”
Kaleo claims that his bullish stance is based on the idea that Bitcoin has never entered a bull market right after a halving – when miner rewards are cut in half.
“To barely surpass the all-time high of previous cycles and top out early in the post-halving period would be completely unprecedented. While not impossible, it would also redefine the metrics that most people have used to track crypto cycles in the past. So in my opinion, if only Q1, it was a more entertaining Q1 than most.”
As for the timing of the next hike, Kaleo believes that traders who survive September will be rewarded in the following months.
“I think there’s a little bit of red left this month, but we’re going to get through the election and into 2025.”
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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