Well-known analyst Kaleo believes that Ethereum, the leading smart contract protocol, is preparing for a big boom this year.
Kaleo said ethereum likely mirrored its price action from late 2018 to 2020 as ETH rallied from lows around $80 to around $480.
“Every major bull market has a minor pullback when the crowd is buzzing that the bull market is over. ETH still has room to run this year.”
source: Carreo/Twitter
Looking at Kaleo’s chart, it appears analysts are predicting a massive surge to $3,000 for Ethereum in the coming months. At the time of writing, ETH is trading at $1,511, which suggests that the top altcoin has close to 100% upside potential if Kaleo’s target is met.
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As for Bitcoin, analysts believe the largest cryptocurrency could pull back to lows of $21,000 before resuming its recovery.
“The initial breakout wasn’t as high as I expected, but I still believe we should see a bounce after a retest of the high time frame trend breakout as support. Just offers an opportunity for a little more stacking. $30,000 is still attractive. “
source: Carreo/Twitter
Amid the emerging bearish momentum, Kaleo reminded his followers that Bitcoin also underwent a deep correction in September 2017, falling from around $5,000 to below $3,000 before bouncing back to highs of $20,000 that same year.
“Here’s a chart of Bitcoin mid-September 2017. Everyone thinks the rally is over.”
Source: Kaleo/Twitter
At the time of writing, Bitcoin is worth $21,744, down slightly on the day.
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According to Dailyhodl
