Renowned crypto analyst Kaleo is optimistic about the potential surge of a leading altcoin in the crypto market.
Kaleo highlighted the promising trajectory of Binance Coin (BNB), the native token of the BNB Chain ecosystem.
He drew parallels between the current price pattern on the four-hour chart and its performance in 2021, suggesting a possible repeat to reach new all-time highs (ATHs).
When BNB entered price discovery in the Spring of 2021 – it initially had a very similar breakout and retest to the one we’re seeing now.
Would look to add heavily on this dip, especially sub $650 if you get the chance. pic.twitter.com/0udPgg8svO
— KALEO (@CryptoKaleo) June 7, 2024
Encouraging potential investors to consider strategic entry points, Kaleo pointed to similarities between current market conditions and those seen in spring 2021.
He particularly noted the importance of watching dips, especially below the $650 mark, as potential accumulation opportunities.
Kaleo also shared insights on the expected breakthrough of Ethereum (ETH) vs Bitcoin (ETH/BTC), which could have significant implications for Layer 1 (LXNUMX) projects.
Really believe it’s only a matter of time before we see something like this for the Ethereum / Bitcoin ratio.
When it happens – be on the lookout for high ETH beta plays including alt L1 EVMs. pic.twitter.com/SDxTw3KQwt
— KALEO (@CryptoKaleo) June 7, 2024
Forecasting a bullish move for ETH/BTC above 0.10 BTC ($6,926), he highlighted the potential for significant gains in alt L1 EVM once this milestone is reached. ETH/BTC is currently valued at 0.053 BTC ($3,689).
Kaleo also expressed bullish sentiment regarding Ethereum’s position in the early stages of the parabolic phase of the market cycle, signaling a positive outlook for its future performance.
Read More: Top Altcoin Nears Huge Breakout – What To Watch?
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.