One of the well-known crypto experts believes that Bitcoin will not see any new record highs in the next two years.
An anonymous analyst, Kaleo, informed his 526,200 Twitter fans that the major currency is expected to enter the crab market or as it is also known as a sideways trade.
This movement is expected to happen before bitcoin reaches a new all-time high, which they estimate will happen in early 2024.
According to the strategist, the first born currency will hover between $16,000 and $30,000 before heading higher by November or in the next five months.
Kaleo made his point, stating that bitcoin price should trade between the $16,000 to $30,000 base level for the next five months, and expects the price to rise above its higher time-frame diagonal resistance from the month of December. .
He further adds that although prices will pick up in the next few months, the huge growth seen in 2023 will not reach the all-time high.
According to him, if the major currency makes it to $50,000, it would make some sense. However, he says that this will just ignite a mini altcoin season.
Kalio expects the price to hold above the higher timeframe due to algorithmic support until the time of the next halving in March 2024, in the next 18 months or so, which will be determined by the Crab Markets.
The analyst also says that NFTs as well as altcoins will see a gradual rise as the major cryptocurrency remains in the crab market [non-fungible token] Market.
Bitcoin price to reach $110,000?
According to Kaleo, after the next halving in 2024, bitcoin will hit a new high of $110,000.
The strategist believes that in late 2024 / early 2025, bitcoin will see a new all-time high of six digits.
He ended his analysis with an explanation that bitcoin will be in the range of around $110,000, higher than the chart below.
However, he says that even if the currency falls at that price level, it will account for 5x+ in less than two and a half years looking at currency price levels.
Kaleo says in the end that this price action will be enough to outpace inflation as well.
Currently, the bitcoin price is trading at $21,423, up by 0.51% over the past 24 hours.