A widely followed crypto analyst says that Bitcoin (BTC) may be printing a years-long massive bullish pattern.
The pseudonymous crypto trader Kaleo tells his 729,700 followers on X that Bitcoin may ultimately reach about $400,000 in 2028 before correcting.
The analyst believes Bitcoin is trading in line with what’s known as a Livermore Accumulation Cylinder, a pattern identified by trader Jesse Livermore, a pioneer of day trading prominent in the early 1900s.
Livermore Cylinders typically see price trade within an ascending megaphone pattern, making increasingly higher highs and higher lows before a final parabolic run well outside the upper resistance line of the range.
“Bitcoin anywhere under $100,000 is free.”
The analyst also says that Bitcoin’s surge this week is confirming his bullish theory.
“It’s happening.”
Bitcoin is trading at $97,682 at time of writing, up 3.7% in the last 24 hours.
The analyst predicts that altcoins will eventually start to outperform Bitcoin if the top crypto asset reclaims its six-figure range.
“Fellas, I can’t stress this enough: Bitcoin will send well above $100,000 again. We will see another massive altseason that happens with that move. It’s not a matter of if, but when. Similar to how silver bulls sounded insane for years, you probably feel slightly crazy right now. All it takes is a few green candles to go from people laughing at you to people begging you for advice. Keep your conviction, and focus on positioning yourself for when that day comes. Work harder when everyone else is complaining about how much things suck. Stay bullish.”
Lastly, Kaleo says that PENGU, the native asset of the Pudgy Penguins non-fungible token (NFT) collection, is setting the stage for a breakout.
“PENGU pump is just getting started. We’re in a similar place now to where we were in late April. Accumulating after making a break above resistance from a major downtrend. Only a matter of time before this flies back to the highs.”
PENGU is trading for $0.01313 at time of writing, up 2.7% on the day.
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Featured Image: Shutterstock/Sergey Nivens/Chuenmanuse