A popular analyst in the cryptocurrency community under the pseudonym Kaleo shared his thoughts on the future value of the flagship cryptocurrency – investors should get ready for BTC to fall by 22% from the current price.
Also Read: Bitcoin (BTC) Price Prediction and Forecast
As Kaleo told his 545,700 Twitter followers, don’t expect Bitcoin to recover, the cryptocurrency hasn’t reached its bottom yet. The expert predicted the fall of the flagship cryptocurrency to $12,500 in the near future.
However, not everything is so bad, Kaleo believes – in 2023, after reaching the bottom, Bitcoin has every chance to grow to $40,000
“I don’t expect a new all-time high quickly, but a return to the $30,000-$40,000 range and then shortening the distance to ATH before the next halving is quite possible,” Kaleo stressed.
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The analyst’s forecasts changed after the bankruptcy of the FTX exchange and the fall of the entire cryptocurrency market. So back in early October, Kaleo was convinced that Bitcoin was in the accumulation stage and would soon reach twice its value. The crypto strategist also tracked the performance of the Grayscale Bitcoin Trust (GBTC), a financial instrument designed for institutional investors to access bitcoin without buying the underlying asset. According to Caleo, GBTC’s price trajectory in October was an exact replica of its performance during the latter stages of the bear market in 2018 – indicating that the asset had bottomed out and was preparing to recover. However, Sam Benkman-Fried made his own adjustments to this story.