Cryptocurrency analyst predicts bitcoin’s growth to $ 40,000

A popular analyst in the cryptocurrency community, Kaleo, has shared his thoughts on the future growth of the flagship cryptocurrency’s value — investors should prepare for a sharp rise in the price of BTC to double its current price.

As Kaleo told his 535,200 Twitter followers, to predict the value of cryptocurrencies, he looks at an inverted chart. «We are in the accumulation stage. The growth of bitcoin will take everyone by surprise,» the analyst suggested.

According to Kaleo’s chart, bitcoin is close to launching a rally that will take the flagship cryptocurrency to $ 40,000, which is more than 100% higher than its current value. At the time of writing, BTC is trading at $ 19,122.

The crypto strategist also monitors the performance of the Grayscale Bitcoin Trust (GBTC), a financial instrument designed for institutional investors to gain access to bitcoin without having to buy the underlying asset. According to Kaleo, GBTC’s recent price trajectory is an exact replica of its performance during the latter stages of the bear market in 2018, which suggests that the asset has bottomed out and is preparing to recover.

To determine the possible dynamics of bitcoin’s value, some analysts use the Bitcoin Rainbow price chart. According to this chart, the flagship cryptocurrency has a chance to grow to $ 626,383 in 2 years. According to analysts, the Bitcoin Rainbow indicators show that the current crypto winter has already reached the bottom, so investors can expect further growth in the value of leading digital assets.