- Written by: Brady Tinnin
- Tue, 08 Feb 2022
- Russian Federation
Crypto hacks and rate hike woes are doing nothing to deter the well-known crypto trader Kaleo. Where does he think Bitcoin is headed? Covered: Bitcoin Price Update Are We Seeing Rate Hikes Or FUD Hikes Right Now? Bitcoin has been on an absolute tear over the past couple of weeks. Just two weeks ago, the […] The post Infamous Crypto Trader Predicts Bitcoin Will Cool Off Before Continuation appeared first on CryptosRus.
Infamous Crypto Trader Predicts Bitcoin Will Cool Off Before Continuation
Crypto hacks and rate hike woes are doing nothing to deter the well-known crypto trader Kaleo. Where does he think Bitcoin is headed?
Covered:
- Bitcoin Price Update
- Are We Seeing Rate Hikes Or FUD Hikes Right Now?
Bitcoin has been on an absolute tear over the past couple of weeks. Just two weeks ago, the top crypto asset was trading under $34,000, but since then, Bitcoin smashed through $45,000 before coming back down again to current price levels. What lies next for Bitcoin? Let’s hear technical analyst Kaleo’s perspective.
RECOMMENDED: BITCOIN BULL REVERSAL IS IMMINENT, SAYS WIDELY-FOLLOWED TECHNICAL ANALYST
Bitcoin Price Update
At the time of writing, Bitcoin (BTC) is trading at $43,242. Yesterday, Kaleo highlighted that the most recent run-up looks like it’s out of fuel.
“[Price action] feels a bit overextended here after retesting the highs from the January range.
Expecting a retest to $40K before we see any continuation higher.”
Looking at the charts today, Kaleo must be feeling pretty good about his call.
glad I came back to my senses last night
retest looks imminent
not a huge fan of the "fundamentals" driving this dump if it's purely related to the DOJ / Bitfinex stolen funds seizure though
still gives me confidence in the bounce on the retest pic.twitter.com/FuGL028q8h
— K A L E O (@CryptoKaleo) February 8, 2022
As highlighted by Kaleo, Bitcoin looks ready to pull back after running hot over $45,000 early this morning. He notes, however, that the current pullback could have been superficially driven by the US Department of Justice’s recovery of over $3.6 billion in stolen crypto, which gives him confidence that the next line of support will hold.
U.S. JUSTICE DEPARTMENT SAYS IT HAS SEIZED OVER $3.6 BLN IN CRYPTOCURRENCY TIED TO BITFINEX HACK
— db (@tier10k) February 8, 2022
While there may be some short-term turbulence in the markets, Kaleo remains macro bullish on Bitcoin and crypto.
RECOMMENDED: FEDERAL RESERVE ANNOUNCES RATES WILL STAY THE SAME; JEROME POWELL RESPONDS
Are We Seeing Rate Hikes Or FUD Hikes Right Now?
The volatility we’re witnessing this week comes at quite an interesting time in the history of crypto. We may look back on this dip one day as merely the start of a much greater rise in the markets as crypto adoption enters an era of “hyper-adoption,” or at least, that’s what Wells Fargo is calling it.
??Wells Fargo: Crypto could soon enter an inflection point of hyper-adoption
— Blockworks (@Blockworks_) February 8, 2022
Despite the long-term horizon looking bright, however, there are some weeds to navigate through in the short term that could prove difficult for Bitcoin to comfortably escape. Most obviously is the Fed’s potentially-hawkish stance on the economy, which could point towards rising interest rate hikes in 2022. However, other countries like Canada have already revealed their intentions to maintain interest rate levels.
While no hikes in the US have been implemented, the discussion has investors skittish about the markets in general; it’s not a problem though, a Bitcoin “god candle” may just have to alleviate some of those concerns of wary buyers.
Three Arrows Capital co-founder Zhu Su also chimed in the other day to remind investors that markets can actually remain bullish during rate hike periods, as evident from 2017.
Another reminder that we had three rate hikes in 2017 during the biggest crypto rally ever
— Zhu Su ?? (@zhusu) January 24, 2022
The post Infamous Crypto Trader Predicts Bitcoin Will Cool Off Before Continuation appeared first on CryptosRus.