A widely followed crypto analyst is issuing a warning about Bitcoin (BTC), saying that traders shouldn’t rule out the crypto king dropping below $50,000.
Pseudonymous crypto trader Kaleo tells his 642,200 followers on the social media platform X that Bitcoin could dip into the high $40,000 to low $50,000 range before taking off to fresh all-time highs near the end of the year.
“While I don’t think a wick to the high $40,000s should be ruled out, I think it’s more probabilistic to see a bottom after a flush to the low $50,000s. Either way – new ATHs (all-time highs) by EOY (end of year) or close to it.”
Kaleo’s chart suggests that BTC can skyrocket past $80,000 after reaching the $50,000 support.
At time of writing, Bitcoin is trading for $54,084, down over 10% on the day.
Moving on to Ethereum, Kaleo has accurately predicted that ETH would correct near the $2,400 level. At time of writing, Ethereum is trading for $2,340.
However, Kaleo’s chart suggests that after establishing support near the $2,400 level, ETH can print a major recovery back above the $4,000 mark.
Concluding his analysis with the dog-themed meme asset Dogecoin (DOGE), Kaleo says that while the latest dip seems harsh, it’s an opportunity in disguise for traders who want to scoop up discounted tokens.
“I can see how this is perceived as painful – but IMO (in my opinion), it’s a gift. Is waiting until early 2025 for a full send really that long? Especially if you’re given another discount and several more months to stack.”
Dogecoin is trading for $0.0933 at time of writing, a 13.61% decrease on the day.
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Generated Image: Midjourney