Kaleo analyst predicts bitcoin will fall by 22%

A popular analyst in the cryptocurrency community, Kaleo, has shared his thoughts on the future value of the flagship cryptocurrency, saying that investors should prepare for a 22% drop in BTC $98,532.61 Bitcoin 1.24% Market capitalization $1.95 trillion VOL. 24 hours $6 billion from its current price.

As Kaleo told his 545,700 Twitter followers, one should not expect bitcoin to recover, as the cryptocurrency has not yet reached its bottom. The expert predicted that the flagship cryptocurrency will fall to $ 12,500 in the near future.

However, Kaleo believes that everything is not so bad: in 2023, after reaching the bottom, bitcoin has every chance to grow to $ 40,000. «I don’t expect a new all-time high soon, but a return to the $ 30,000-$ 40,000 range with a further reduction in the distance to the ATN before the next halving is quite realistic,» Kaleo emphasized.

The analyst’s forecasts changed after the bankruptcy of the FTX exchange and the fall of the entire cryptocurrency market. Back in early October, Kaleo was convinced that bitcoin was in the accumulation stage and would soon reach twice its value. The crypto strategist was also tracking the performance of the Grayscale Bitcoin Trust (GBTC), a financial instrument designed for institutional investors to gain access to bitcoin without buying the underlying asset. According to Kaleo, GBTC’s price trajectory in October was an exact copy of its performance in the latter stages of the bear market in 2018, indicating that the asset had bottomed out and was preparing to recover. However, Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried made his own adjustments to this story.