A popular crypto trader and strategist has warned Bitcoin bulls that the leading digital asset still has a ways to go before it bottoms out.
The pseudonymous trader known as Kaleo told his 478,000 Twitter followers that Bitcoin is on track to retest lows seen in mid-2021. told. According to Kaleo, BTC will experience a crash in the coming weeks, falling to around 28% lower than current prices. The analyst’s prediction is based on the fact that BTC is trading within a descending wedge formation.
“Roadmap to Goblin Town (characterized as $28-32k on the chart).”
The trader also stated that a breakout of $38,500 in the next few days could be the trigger that takes Bitcoin to the next step. According to the analyst, an increase above $ 41,000 will not be enough to change the conditions.
“Will another wick up to $41,000 double your investment? Because without changing the big picture a bit ($41 trip) it’s a possibility from here.”
“The more I follow the price action, the more I believe we will see something like this in the next few weeks.
Continuing the range and then an open break under the support, so technically the box will be filled, it just won’t last long. ”
In another recent prediction, Kaleo predicted that Bitcoin would capitulate below $37,000, with the potential to stay in the $30,000 low range.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.