A popular crypto analyst and trader has warned Bitcoin bulls that BTC is poised for a new low.
Popular crypto strategist kaleoHe told his 473,400 Twitter followers that he closely followed Bitcoin’s price action over the short time frame.
According to Kaleo, Bitcoin is following the market structure formed in June 2021, when its price dropped from $41,000 to $28,000.
“Bitcoin/BTC
On the contrary, I see that the current structure is more similar to what we saw in mid-June… Just a reminder – support failed, macro structure looks weak.”
In the chart above, it can be seen that there is a similarity as claimed by the analyst. If Bitcoin follows Kaleo’s fractal, it could experience a downside move of over 15% from its current value. This potential move will affect the BTC price. 32,000 will lead to dollar levels. But it is worth noting; There is no certainty that Bitcoin will repeat the same movement.
However, the popular crypto strategist Michael van de Poppe is also among those who expect a decline in Bitcoin and believes that BTC will follow a similar path. Van de Poppe told his 574,600 Twitter followers that there could be a sustained Bitcoin pullback to around $35,000 before jumping to its target above $39,000.
“Bitcoin is following this path.”
Finally, Bitcoin is trading at $ 38,598 after its decline of about 2% in the last 24 hours.
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.