A widely followed cryptocurrency analyst and trader believes Bitcoin (BTC) is gearing up to reclaim its all-time highs in the $120,000 range.
The trader pseudonymously known as Kaleo tells his 717,200 followers on the social media platform X that Bitcoin is poised to have an explosive breakout after an ascending trendline retest.
“Support on the retest holding strong. Only a matter of time before we’re back to the highs. Slowly, then all at once.”
The analyst also says that Bitcoin may be printing a historical bull market pattern of retracing to a key level before a massive move to the upside.
“Up only szn (season) is almost here. Each bull markets saw significant acceleration higher at inflection points tracing back to trendlines touching previous cycle’s highs.”
Looking at his chart, the Kaleo suggests that Bitcoin may hit $280,000.
Bitcoin is trading for $116,655 at time of writing, up 1.3% in the last 24 hours.
Next up, the analyst says that memecoin Dogecoin may be printing a similar bullish pattern against Bitcoin (DOGE/BTC) from 2020-2021 and is on the verge of a parabolic surge.
“DOGE/BTC: load the god candle.”
Kaleo also predicts that DOGE will have an explosive rally if it can reclaim the level around $0.22 as support.
“Expecting DOGE to accelerate when it reclaims the recent support level it broke beneath similar to what we saw in early May.”
Looking at his chart, the trader suggests that DOGE may soon trade for more than $0.36.
DOGE/BTC is trading for 0.00000183 BTC ($0.21) at time of writing, up more than 3% on the day.