A widely followed crypto analyst is warning about Bitcoin (BTC), saying traders should not rule out the crypto king falling below $50,000.
Pseudonymous crypto trader Kaleo tells According to its 642,200 followers on social media platform
“While I don’t think a wick to the high $40,000s should be ruled out, I think it’s more likely to see a bottom after a flush to the low $50,000s. Anyway – new ATHs (all-time highs) by EOY (year-end) or close.”
Kaleo’s chart suggests that BTC could rise past $80,000 after reaching the $50,000 support.
At the time of writing, Bitcoin is trading at $54,084, down more than 10% on the day.
On the way to Ethereum, Kaleo has done it accurately predicted that ETH would correct near the USD 2,400 level. At the time of writing, Ethereum is trading at $2,340.
However, Kaleo’s chart suggests that after finding support around the $2,400 level, ETH could stage a major recovery above the $4,000 mark.
Concluding his analysis with the dog theme Dogecoin (DOGE), Kaleo say that while the latest dip seems harsh, it is an opportunity in disguise for traders looking to scoop up discounted tokens.
“I understand that this is experienced as painful – but IMO (in my opinion) it’s a gift. Will waiting until early 2025 for full shipment really take that long? Especially if you get a discount and can stack for a few more months.”
Dogecoin is trading at $0.0933 at the time of writing, down 13.61% on the day.
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Generated image: Midjourney