A popular crypto analyst warns that most traders would be better off staying on the sidelines instead of trying to play the volatile Bitcoin market.
In a new tweet, the crypto strategist known as Kaleo tells his 322,600 followers to be patient as opposed to timing the choppy Bitcoin range between $30,000 and $40,000.
“I’ll repeat what I’ve been saying – you can attempt scalp trading in this range. There are some traders killing it, but 95% of you will chop yourselves to negative PnLs (profits and losses) in the process. Or, you can buy here, hold, be patient for a bit and thank yourself later.
Bitcoin isn’t dead.”
While the overall crypto sentiment is heavily bearish, Kaleo says he’s long-term bullish on the nascent space as he sees the digital asset market following the footsteps of the tech industry.
“Being HTF (high timeframe) bearish here doesn’t make sense.
The tech market has recovered from its spring depression back to new all-time highs and is on the verge of exploding into price discovery.
Why should we expect Bitcoin to decouple and continue lower.”
Kaleo goes on to list some fundamental factors that he thinks will end up being bullish catalysts for BTC and the crypto markets at large, including inflation and the unlikelihood of higher interest rates anytime soon.
“Money is continuing to be printed at an unprecedented rate. Inflation isn’t going anywhere until the Fed decides to actually do something and raise rates. In my opinion, there’s no way that happens in the first year of Biden’s presidency. Terrible optics. When it’ll happen is when they realize the market is bubbling out of control (also known as tech bubble 2.0 narrative). Bitcoin will catch up to tech and once again will outpace it at the peak of the madness.”
Kaleo asserts that he is completely unmoved by Bitcoin’s 50% collapse and believes $100,000 BTC is still in the cards.
“That’s why I literally give zero sh*ts when we get these little dips. $100,000+ is inevitable. These LTF (low timefame) moves are just distractions to make you forget the big picture.”
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The post Crypto Analyst Issues Warning to Fellow Traders, Predicts Bitcoin Will Follow Path of Technology Stocks appeared first on The Daily Hodl.
