A popular cryptocurrency trader and strategist warns Bitcoin (BTC) bulls that the biggest cryptocurrency by market cap still has a ways to go before it bottoms out. Here are the details…
Kaleo warns Bitcoin bulls
As we have also reported as Kriptokoin.com, a crypto money whale, that is, a trader known as Kaleo, who holds a large amount of crypto money in his hand; He tells his 478,000 Twitter followers that Bitcoin is on track to retest lows seen in mid-2021. According to Kaleo, BTC is trading in a large wedge formation that will eventually collapse and trade roughly 28 percent lower than current prices in the coming weeks.
Examining a narrower timeframe, the trader said that a break of $38,500 in the next few days could be the trigger that sends Bitcoin to its next leg, and a rise above $41,000 is too much to change conditions. He says he won’t do anything. He points to red candles, asking traders “how long they will stay bullish.” “Will the formation of another candle at $41,000 affect you? Because these levels still have a solid chance from here without changing the big picture a bit,” he said, adding:
The more I watch the price action, the more I believe we will see something like this in the next few weeks. Continuing the range and then a clean break under the support can be made, so ‘technically’ the box will be filled, but it won’t last long.
BTC price latest situation: exceeded $40,000
Bitcoin (BTC), after last week’s big price fluctuation It traded at a nearly six-week low early on Monday. But as of writing, the largest cryptocurrency by market capitalization is up 5.6 percent in the last 24 hours, trading at $40,649. Earlier, the Bitcoin price dropped as low as $38,202, the lowest level since March 15.
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