Renowned crypto analyst and trader, Kaleo, has expressed optimism for the continued rise of THORchain (RUNE), which has quadrupled in value over the last two months. He also predicts that Bitcoin (BTC) will break above $48,000 by the start of the next year.
Kaleo, known for his insightful crypto analysis, suggests that if RUNE can break above the descending trend line on its daily chart, which has been acting as a high timeframe resistance level, the decentralized cross-chain liquidity protocol could easily reach all-time highs.
While bullish on RUNE, Kaleo stated, “I’ve taken a position in RUNE by buying the dip. If there’s one thing I’ve learned recently, it’s to catch the momentum. If we break above the high timeframe resistance, I believe we can easily set new records.”
Currently, RUNE is the 49th largest altcoin by market value, trading around $5.40, which represents a 231% increase from its low of $1.63 on October 21. The protocol’s record high was set in May 2021 at $21.28.
Kaleo also highlighted that the THORchain/Bitcoin (RUNE/BTC) trading pair surpassed its high timeframe resistance level last month on the daily chart, triggering the current rally.
Following THORchain, Kaleo commented on Bitcoin, noting that its price pattern on the four-hour chart appears to be repeating the pattern from 2020 and 2021. Based on the shared price chart, he expects BTC to surpass $48,000 at the beginning of the next year. Bitcoin has seen a slight decline of 0.28% in the last 24 hours, trading at $43,717, with a 2.21% increase over the last week and a 19.43% rise over the last 30 days.