A popular cryptocurrency analyst going by ‘Kaleo’ on social media has revealed he believes the price of bitcoin will see a sharp recovery after it stops ranging between $35,000 and $30,000, based on the cryptocurrency’s price performance last year.

In a Twitter thread, first spotted by Daily Hodl, the pseudonymous analyst told his over 330,000 Twitter followers that the price of bitcoin was seemingly influenced by the Nasdaq index last year, moving up sharply after tech “expanded rapidly.” Bitcoin then started “significantly outpacing tech” after beating its previous all-time high.

Kaleo noted that bitcoin’s chart now appears to look bearish, but he hopes history will “rhyme” and predicts a sharp bitcoin price recovery, as last year in July the chart also looked bearish, but the price of the leading cryptocurrency shot up soon after.

Kaleo then urged his followers to “keep stacking” and to not “waste this opportunity,” implying now is the time to buy BTC ahead of its recovery.

Last month, the pseudo-anonymous crypto analyst explained why he expects Bitcoin to outperform tech stocks and the Bitcoin price to go over $100,000 in the long term. As CryptoGlobe reported Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital, a hedge fund with $7.5 billion in assets under management, has revealed he believes a Bitcoin supply shock may be around the corner.

During an interview with Bloomberg, Gayeski noted that on-chain signals indicate “strong holders” are once again accumulating bitcoin while planning to hold onto it for longer periods of time. These holders are buying up coins from speculators who got into the market when BTC’s price started surging.

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Featured image via Pixabay