Crypto Trader Unveils Massive $400,000 Bitcoin Price Target, Says BTC Mirroring Legendary Technical Pattern

A well-known crypto analyst has suggested that Bitcoin (BTC) could be forming a significant bullish pattern that may span several years.

Revealing his insights to his large following on X, the crypto trader known as Kaleo predicts that Bitcoin could potentially reach around $400,000 by 2028 before experiencing a correction.

According to the analyst, Bitcoin is currently exhibiting characteristics of what is referred to as a Livermore Accumulation Cylinder, a pattern attributed to trader Jesse Livermore from the early 1900s, known for his innovative day trading strategies.

The Livermore Cylinders typically involve price movements within an ascending megaphone pattern, with progressively higher highs and higher lows leading to a final parabolic surge well beyond the upper resistance boundary of the pattern.

“Bitcoin below $100,000 is a bargain.”

The analyst also indicates that the recent surge in Bitcoin’s price is validating his bullish thesis.

“It’s happening.”

At the time of writing, Bitcoin is trading at $97,682, marking a 3.7% increase in the last 24 hours.

The analyst predicts that altcoins could potentially outperform Bitcoin once the leading cryptocurrency reclaims its six-figure price range.

“Bitcoin will surpass $100,000 again, leading to another significant altseason. Keep your belief and prepare for the inevitable rise. Stay positive and focused on your strategy.”

Lastly, Kaleo mentions that PENGU, the native token of the Pudgy Penguins non-fungible token (NFT) collection, is showing signs of a forthcoming breakout.

“PENGU is gearing up for a significant move. Similar to our position in late April, we are accumulating after breaking above a major downtrend resistance. It’s just a matter of time before we reach new highs.”

Currently, PENGU is trading at $0.01313, reflecting a 2.7% increase for the day.

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