Wide-running cryptocurrency analysts say that if history repeats itself, Bitcoin (BTC) can set fire to a rally like it witnessed its final cycle.
An analyst known as Kaleo tells 704,200 followers on social media platform X that Bitcoin has fully recovered from the Covid-19 crash in 2020 and has fully recovered to a new record high, leading to a new, highest-end parabolic rally ever.
According to Kaleo, the S&P 500 stock index is “on the verge of breaking into a new history high,” following an amendment caused by the US imposition of tariffs on trading partners.
“We think Bitcoin does the same thing and is significantly better as history repeats and stocks break out.”
Source: Kaleo/X
As of the end of Friday, the S&P 500 was trading at 5,967 points, down just 3% from its record high of 6,147 points.
The pseudonym analyst further states that unlike previous cycles, Bitcoin is currently gathering new sources of demand. According to Kaleo, this is why it’s “more bullish” with the flagship cryptocurrency.
“This is the first cycle of Spot Bitcoin Exchange-Traded Funds (ETFS). I had never dreamed of it in my previous cycle, but it never happened.
The country and businesses are beginning to build BTC reserves. The only ones like El Salvador, Tesla, Gamestop are Dominoes who fell first.
We are finally the president of pro-crypto in the United States, promoting industrial regulation.
The industry’s technology and infrastructure is also better than ever before. (Decentralized Applications) DAPP is more advanced, BTC is used as a development layer, and the number of places accepting BTC as a form of payment is higher than before. ”
Bitcoin is trading at $104,143 at the time of writing, down about 7% from its highest ever range last month.
Generated Image: Midjourney
