A closely followed crypto strategist thinks that Bitcoin (BTC) is now raring to ignite the next phase of its bull market.
Pseudonymous analyst Kaleo tells his 648,200 followers on the social media platform X that Bitcoin is now in a position to launch rallies that will last until the end of 2025.
The trader shares an inverse Bitcoin chart suggesting that BTC will hit the trendline of his logarithmic growth curve by next year to soar to his massive price target of around $220,000.
“Alright, I’m giving in.
Be more [bullish].”
Looking at the trader’s inverse chart, he seems to suggest that Bitcoin tends to witness steep rallies a few months after its halving event, when BTC miner rewards are slashed in half.
Zooming in, Kaleo thinks that Bitcoin will consolidate for a few more days before sparking surges that take out multiple resistance levels.
“Back to plan A.”
Based on the chart, the analyst appears to predict that Bitcoin will hit new all-time highs by early next month.
At time of writing, Bitcoin is worth $59,997, up over 3% on the day.
As for the US dollar index (DXY), the trader believes that it has already topped out and is poised to move to much lower levels at around 72 in 2026.
“Imagine if the path on this DXY chart I drew 19 months ago continues to play out perfectly…
Just imagine.”
Kaleo initially made the call for a DXY collapse in May of 2023. DYX has been following his outlined price path since.
The DXY is a metric that tracks the value of the US dollar against a basket of major fiat currencies. A plummeting DXY is typically bullish for risk assets such as stocks and crypto. It suggests that investors are spending their dollars to accumulate risk assets.
At time of writing, the DXY is trading at 100.898.
Generated Image: Midjourney