A prominent analyst and trader believes that the most significant gains of the cryptocurrency bull market are still ahead.
The pseudonymous analyst Kaleo shares with his 646,300 followers on the social media platform X that the robust crypto rally from October 2023 to March 2024 could foreshadow what’s in store for the asset class in the coming months.
“We’ve only just begun this cycle, and we’ve already witnessed remarkable movements across amusing memes that were entertaining (though eventually became somewhat repetitive), engaging DApps that kept us occupied, and a solid airdrop farm every few months.
Last cycle, around this time, decentralized finance (DeFi) was just starting to gain traction, and aside from that, almost everything was stagnant while equities soared.
If the initial phases of this cycle hint at what’s to come later, we are likely in for the wildest bull market yet.”
He also points out that current trader sentiment mirrors conditions from September 2023, just before the crypto markets surged.
“The last time I recall the sentiment being this dreary, where most people began questioning ‘is it truly over / will we ever see a real rise again / are there no catalysts left, etc.’ was… last September.”
Kaleo states that his optimistic outlook is rooted in the fact that Bitcoin has never concluded a bull market immediately after a halving, the event when miner rewards are cut in half.
“Barely exceeding the previous cycle’s all-time high and simultaneously reaching the peak this early post-halving would both be unprecedented. While not impossible, it would also reshape the metrics most individuals have relied on to track cycles in crypto historically. So in my view, if this is merely the first quarter, it has been a more fascinating first quarter than most.”
Regarding the timing for the next upward movement, Kaleo believes that traders who persevere through September will reap the rewards in the following months.
“I think there’s a little bit of red left this month, but we’ll see a surge through the election and into 2025.”
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