Bitcoin and Polygon (MATIC) are two digital assets that have experienced a lot of volatility recently. However, according to a top crypto strategist, both could be in for major moves in the coming months. The analyst, known as Kaleo, believes that MATIC, a token based on Ethereum, could be ready for a reversal, while Bitcoin could be consolidating before a parabolic surge.
Polygon (MATIC) Poised for Reversal
Kaleo is a pseudonymous crypto analyst with a large following on Twitter. He believes that MATIC is gearing up for a burst to the upside, but not before it dips down to below $1. Once it does, he predicts that it will reverse its trend and rally up to around $1.70.
Kaleo’s outlook is based on the trader’s chart, which shows that MATIC is likely setting up to take out its diagonal resistance. He thinks that diagonal breaks have led to major impulse moves for each leg higher throughout this uptrend.
Bitcoin Consolidating for Parabolic Surge
In addition to his MATIC prediction, Kaleo is also updating his outlook on Bitcoin. He believes that the king crypto could be consolidating in preparation for a parabolic surge in the coming months. His chart shows that Bitcoin could rally up to $45,000 in May before setting up a bull trap and correcting all the way down to around $37,000.
Despite the recent layoff news from Polygon Labs, the cryptocurrency market has been in a slow recovery mode since January 2023. However, the recent price pattern could lead to a further bearish movement for the altcoin. On the other hand, Bitcoin has demonstrated a steady pattern of ideal times for decision-making in crypto trading strategies – buy, hodl, and sell.
Looking Ahead
While there are no guarantees in the crypto market, his track record with timely altcoin calls suggests that traders could take his predictions seriously. With the crypto market still in the grips of bearish headwinds, it could be an opportunity to buy BTC before the price increases. As for MATIC, traders will have to wait and see if Kaleo’s prediction of a reversal comes true.