Crypto Analyst Kaleo Draws The Next Moves For Bitcoin (BTC)
A crypto analyst, known as Kaleo, shares his projected path for Bitcoin (BTC) in the coming months.
According to the analyst BTC’s support at $28,000 level will continue to hold until September before Bitcoin takes it out and drops all the way to under $20,000.
“I’m a simple man with simple dreams… Basically still expect something like this to play out over the next six to nine months”
Looking at the chart above, Kaleo expects Bitcoin after the huge drop to rise again to $40,000, early 2023.
The crypto market analyst also laid out his targets for his assumed BTC relief rally in the short term.
“First level to watch is a retest of the lower high timeframe diagonal [resistance] which should be around $36,000. I expect a bit of resistance there, and am hoping for a squeeze to the higher diagonal in the high $30,000 / low $40,000, basically erasing the bearish LUNA price action (for now).”
Probably won't be quite as vertical as what the blue lines above show, or the arrow below… but – I don't expect it to be way too off.
Again, not playing this move for a reversal leading to a new bull market.
While he is mid-term bearish on BTC, he believes Bitcoin is primed for a rally in the coming days.
“Probably won’t be quite as vertical as what the blue lines above show, or the arrow below, but I don’t expect it to be way too off. Again, not playing this move for a reversal leading to a new bull market. Playing this as a bullish swing within a range.”
At time of writing, BTC trades at $29,830, down 6.3% on the daily chart.
