Bitcoin Price Will Hit $40K Level, but Before It Will Revisit This Level

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With another increase in February amid worries about additional interest-rate hikes, a waning stock surge, and a US crypto crackdown, Bitcoin’s year-to-date gain now stands at 50%. The positive trend has slowed since February 16, and the cryptocurrency has stalled near the $25,000 level.

A popular cryptocurrency analyst has shared his road plan for Bitcoin’s surge to a new all-time high. According to expert Kaleo, Bitcoin is mostly getting ready for a parabolic rise that will take it above $40,000 by May of this year.

Looking at the shorter horizon, Kaleo believes that Bitcoin might overcome its diagonal resistance in the upcoming days and rally to $30,000 before a small pullback period to retest the diagonal barrier into support, which would then result in a surge to $40,000.

“And here’s your roadmap through the next halving new all-time highs soon enough. It might seem far off, and it’ll feel like hell but it’ll all happen in the blink of an eye.” 

According to Kaleo’s predictions for the upcoming months, Bitcoin mat eventually see a significant retracement period after reaching his goal price of $40,000, falling as low as $20,000 by the end of the year.

The analyst predicts that once the coin is out of the corrective phase, Bitcoin will formally enter a new bull market by early 2024, in time for the subsequent Bitcoin halving, which will reduce the payout for BTC miners by half. By the end of 2024 or the beginning of 2025, Bitcoin will probably reach a new record high, according to Kaleo.

Bitcoin has failed to close above the upper boundary of the channel, indicating that it will not continue to trade above the resistance level of $25,000 in the current consolidation pattern. In August, the aforementioned level presented strong resistance, which led to a revisit of lows around $18,000 for the cryptocurrency.

According to CoinShares data, the latest week saw the highest outflows from digital asset investment products since late December 2022, reaching $32 million. While short bitcoin funds witnessed an influx of $3.7 million, bitcoin funds alone lost close to $25 million.