Bitcoin Will Consolidate Until End of July Before Exploding, According to Top Analysts

 


A prominent analyst is discussing what he believes will happen to Bitcoin (BTC) for the rest of the year.

The person known in the industry as Kaleo, is looking at the similarities between Bitcoin's chart in July 2020 and now.

Kaleo told his 332,000 Twitter followers that this time last year, Bitcoin followed the tech boom along with Nasdaq. This time, he's looking for rhyme.

“Remind that a year ago, everyone thought BTC looked awful. The thing to do is take profits before it drops back below $6,000, while the tech sector is in full swing.

It didn't take long for the story to change."

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Kaleo noted that the Bitcoin chart looked bearish in mid-July, but then BTC rallied.

“Especially from July 9 to 20, the chart looks terrible. But it has been on a vertical rise since then.”

Kaleo used the July 2020 price fractal to chart a path for BTC in the near term. According to the analyst's chart, Bitcoin could consolidate until the end of July, then take off and hit $48,000 in August.

"This doesn't mean history mirrors itself perfectly, but it often rhymes."


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