A widely known cryptocurrency analyst has issued a warning about Bitcoin (BTC), saying investors should not rule out the possibility of the cryptocurrency king falling below $50,000.
Anonymous cryptocurrency trader Kaleo tells his 642,200 followers on social media platform X that Bitcoin could drop to the high $40,000s to low $50,000s before hitting new all-time highs by the end of the year.
“I don’t think we can rule out a crash to the upper $40,000s, but I think it’s more likely that we see a crash to the lower $50,000s and then a bottom. Either way, – We will reach a new ATH (Any High) by EOY (End of Year) or close to it.”
The Kaleo chart shows that BTC could break $80,000 after reaching the $50,000 support level.
As of this writing, Bitcoin is trading at $54,084, down more than 10% on the day.
Moving on to Ethereum, Kaleo accurately predicted that ETH would correct around the $2,400 level. At the time of writing, Ethereum is trading at $2,340.
However, the Kaleo chart suggests that ETH could make a significant recovery above the $4,000 level after forming support near $2,400.
Kaleo concludes his analysis of the dog-themed meme asset Dogecoin (DOGE), saying that while the recent sell-off may seem harsh, it is a disguised opportunity for traders looking to buy the discounted token.
“I can see why this might be painful. – But I think it’s a gift. Is it really that long to wait until early 2025 to get the full shipment? Especially when you get the discount and can stack it up for a few more months?”
At the time of writing, Dogecoin is trading at $0.0933, down 13.61% on the day.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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