The illustrious pseudonymous crypto trader named Kaleo on X (formerly Twitter) expects Bitcoin BTC/USD to scale new heights sooner than forecasted.
What Happened: Earlier this week, Kaleo, who has more than 611,000 followers on Elon Musk’s social media platform, said that they anticipate Bitcoin to reach unprecedented highs by mid-2024 instead of later in the year or early 2025.
See Also: Bitcoin, Ethereum, Dogecoin Santa Rallies Make A Pit Stop: A Look At The Cryptos Into The Weekend
He also said that Bitcoin is still trending upward despite recent temporary declines.
Additionally, Kaleo pointed out that the robust performance of Invesco QQQ Trust, which includes major technology corporations, is a positive sign for Bitcoin. This could mirror investors’ interest in a potential Bitcoin exchange-traded fund that could be approved as early as next month.
Why It Matters: Previously, it was reported that Bitcoin’s performance in 2023 outperformed gains by Nasdaq, S&P 500, and Gold, with a year-to-date increase of 156%. A significant uptick in institutional involvement in cryptocurrencies primarily drove this surge.
The forthcoming year is also expected to bring about new narratives such as Ordinals (ways of creating Bitcoin NFTs), the Bitcoin halving event, and a rapid increase in on-chain activity.
These developments, combined with the potential approval of Spot Bitcoin ETFs, may lay the groundwork for an optimistic outlook for 2024.
Price Action: According to data from Benzinga Pro, Bitcoin was up 0.167% over a 24-hour period at $42,217.20 at the time of publication.
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image Via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
