A widely followed analyst and trader believes that the biggest gains of the crypto bull market are yet to be had.
Pseudonymous analyst Kaleo tells his 646,300 followers on the social media platform X that the strong crypto rally from October 2023 to March 2024 could indicate what’s coming for the asset class in the next few months.
“We’ve barely started this cycle and we’ve already had insane moves across memes that were entertaining (though eventually got a bit played out), entertaining DApps to keep us busy, and a solid airdrop farm every couple of months.
Last cycle around this time, decentralized finance (DeFi) was just going mainstream and outside of that just about everything was dead while equities were ripping.
If the early stages of this cycle are a sign of what’s to come later on, this should be the craziest bull market yet.”
He also notes that current trader sentiment is reminiscent of conditions in September of 2023, just before crypto markets took off.
“The last time I remember the sentiment feeling this depressed, where the majority of people are starting to ask ‘is it really over / will we ever have a real move higher again / there are no catalysts left, etc.’ was… last September.”
Kaleo says his bullish stance is based on the idea that Bitcoin has never concluded a bull market right after a halving – when miner rewards are cut in half.
“Barely cracking above the previous cycles’ all-time high and also putting the top in this early post-halving would both be completely unprecedented. While not impossible, it would also redefine what metrics most people have used to track cycles in crypto historically. So in my opinion, if this is just the first quarter, it’s been a more entertaining first quarter than most.”
As for the timing of the next leg up, Kaleo thinks that traders who survive September will be rewarded in the ensuing months.
“Think there’s a bit of red left this month, but we pump through the election and into 2025.”
Generated Image: DALLE3