A widely followed crypto analyst is issuing a warning about Bitcoin (BTC), saying traders should not rule out the king of cryptocurrencies falling below $50,000.
Pseudonymous crypto trader Kaleo tells his 642,200 followers on social media platform X that Bitcoin could dip to the high $40,000 to $50,000 range before taking off to new all-time highs toward the end of the year.
“While I don’t think a wick towards $40,000 is out of the question, I think it’s more likely to see a bottom after a flush towards $50,000. Either way – new ATHs (all-time highs) by the end of the year (year-end) or close to it.
Kaleo’s chart suggests that BTC may surge beyond $80,000 after hitting the $50,000 support.
At the time of writing, Bitcoin is trading at $54,084, down more than 10% on the day.
Regarding Ethereum, Kaleo accurately predicted that ETH would correct near the $2,400 level. At the time of writing, Ethereum is trading at $2,340.
However, the Kaleo chart suggests that after establishing support near the $2,400 level, ETH may print a major recovery above the $4,000 mark.
Concluding his analysis with dog-themed meme asset Dogecoin (DOGE), Kaleo claims that while the latest drop seems harsh, it is an opportunity in disguise for traders who want to scoop up tokens at a discount.
“I can understand that this is perceived as painful. – but in my opinion, it’s a gift. Is waiting until early 2025 for a full shipment really that long? Especially if you’re offered another discount and several extra months to accumulate the benefits.
Dogecoin is trading at $0.0933 at the time of writing, down 13.61% on the day.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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