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Top Analyst Looks at Stock Market To Predict What’s Next for Bitcoin and Crypto

Top Analyst Looks at Stock Market To Predict What’s Next for Bitcoin and Crypto

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Source: Daily Hodle

A popular crypto trader says he’s keeping a close watch on the stock market to see whether Bitcoin (BTC) and the rest of the crypto markets could start the new year with a bang.

Pseudonymous analyst Kaleo tells his 553,500 Twitter followers that the S&P 500 (SPX) needs to take out a key resistance level to kick off a rally.

According to the analyst, a burst to the upside for the SPX could be bullish for Bitcoin and crypto.

“I’m still looking for a reclaim of ~3,900 for SPX as a solid long trigger for a move up to the August highs of ~4,300. Expecting Bitcoin and the broader crypto market to rally with it.”

Source: Kaleo/Twitter

At time of writing, the S&P 500 is trading at 3,824.13 points.

Looking closer at Bitcoin, Kaleo says he believes Bitcoin could rally toward $22,000 in the next couple of months, suggesting an over 31% upside potential from BTC’s current price of $16,704.

“What if the 2023 lows are already in?”

Source: Kaleo/Twitter

Although Kaleo is bullish on Bitcoin, fellow crypto strategist Capo says that Bitcoin’s recent strength is likely meant to trap buyers before another capitulation event.

“It takes a tiny pump into resistance to turn everyone bullish again. This same bull trap has been happening during the entire 2022, yet people don’t learn. $12,000 is very likely.” 

Source: Capo/Twitter

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The post Top Analyst Looks at Stock Market To Predict What’s Next for Bitcoin and Crypto appeared first on The Daily Hodl.

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Author: Daily Hodl Staff