\u003cc-49/\u003eTrader describes catalysts that could trigger a 350% rise in Bitcoin and updates views on Ethereum and Avalanche.
A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) could rise more than 4x from the current level.
The trader known by the pseudonym Kaleo tells his 706,400 followers on the social media platform X that the $500,000 price for Bitcoin is a "magnet" based on the logarithmic regression channel.
A logarithmic regression channel is a tool used to identify the long-term trend of an asset's price that experiences exponential growth at first, before the growth rate decreases.
According to the pseudonymous analyst, growing demand and a favorable regulatory environment are some of the factors that will act as bullish catalysts for Bitcoin.
I believe the third option [demand for Bitcoin exceeding supply and price breaking the barrier] is finally ready to happen, driven by more fundamental bullish catalysts than ever. ETFs [exchange-traded funds], clearer regulations, adoption by governments and companies, technological/decentralized applications that actually work, etc., along with broader optimistic market conditions. The list is long, but you get the idea.
Analyst Bitcoin is currently trading at $110,893 at the time this article was written.
Next is Ethereum (ETH). Kaleo claims that the second-largest crypto asset by market value could rise about 44% from the current level after recovering important resistance levels.
"Send it to $4,000 as fast as possible."
Ethereum is currently trading at $2,780 at the time this article was written.
Next is Avalanche (AVAX). Kaleo claims that AVAX is about to break out and print a "divine candle" – a sudden large bullish candle on the price chart.
"AVAX is just starting to heat up. Break the top of this channel and the real fun begins."
Avalanche is currently trading at $19.48 at the time this article was written.
