Popular cryptocurrency analyst Kaleo believes that the crypto market is poised to enter the next phase of its bull cycle. In a post on social media platform X, Kaleo, who has a following of 639,700, stated that the real bull market has not yet begun. According to the analyst, Bitcoin is currently in the accumulation phase following its halving event and is expected to rally to a target price of up to $200,000. Kaleo noted that previous bull markets have seen a significant decrease in growth after each halving, with the current cycle potentially reaching an all-time high between $150,000 and $200,000. At the time of writing, Bitcoin is trading at $70,016.
In addition to Bitcoin, Kaleo also expressed optimism for Ethereum, predicting that the leading smart contract platform will reach $12,000 in this cycle. The analyst believes that the influx of capital into Bitcoin and Ethereum will trigger a wave of excitement for altcoins and decentralized applications (DApps). Kaleo expects to see a crypto-native DApp make its way into the mainstream market, as retail investors have yet to enter the space in large numbers. The analyst advises against being shaken by market volatility, as the market is just getting started. At present, Ethereum is valued at $3,774.
Kaleo’s positive outlook on the crypto market suggests that there are still significant gains to be made, with Bitcoin and Ethereum leading the charge. The analyst’s predictions are based on historical trends and the anticipation of increased investment in the sector. However, investors are reminded to conduct their own research and exercise caution when investing in high-risk assets like cryptocurrencies. The Daily Hodl, where Kaleo’s insights were shared, does not provide investment advice and emphasizes the importance of due diligence in making investment decisions.