Widely-followed cryptocurrency trader ‘Kaleo’ has seemingly advised his nearly 300,000 followers on social media not to get “shaken out” of the market during the ongoing correction before he recalled an old price prediction called for BTC to hit $100,000.
On Twitter, Kaleo shared a bullish price chart and advised his followers not to get shaken out, sharing a price chart that seemingly shows BTC’s price bottoming out at around $42,000 before making a move up to $75,000.
#Bitcoin / $BTC
Don’t get shaken out. pic.twitter.com/VXG7eW5I7p
— K A L E O (@CryptoKaleo) May 17, 2021
The trader then added that market corrections of as much as 40ª% are “a standard part of every cycle in price discovery,” and the price of the flagship cryptocurrency could still drop to $39,000 before recovering. Either way, bitcoin is “far from dead,” he said.
He added that 40% price drops aren’t necessary, but should not come as a surprise during price discovery. He then recalled a price prediction he made back in February, revealing bitcoin could move up to $65,000 or $70,000 before correcting to retest the $40,000 mark.
His prediction noted that after retesting $40,000 it would surge to surpass $100,000.
#Bitcoin probably breaks out of this sometime soon and goes up to around $65/$70K. Everyone will be so damn excited changing their price targets to $100K+ in the next week after that. Then, it’ll probably retest $40K for max pain before actually going to $100K+.
— K A L E O (@CryptoKaleo) February 13, 2021
Bitcoin’s price hit an all-time high of $63,000, meaning Kaleo’s prediction was $2,000 off. If he is correct, the price of the cryptocurrency could soon recover after it retests the $42,000 mark. As CryptoGlobe reported, most investors believe BTC will still hit $100,000 this year.
A Twitter poll created by popular cryptocurrency analyst PlanB revealed that 51% of bitcoin investors believed the price of the cryptocurrency will appreciate to over $100,000 before December 2021. The results showed 23% of users believed the price would be $100,00, while 17% pointed to $288,000. Another 17% claimed BTC will be trading at $55,000. 43% said it would be below $55,000.
Ki Young Ju, CEO of blockchain analytics startup CryptoQuant, has revealed in January he has “no doubt” the price of bitcoin will hit $100,000 this year.