A popular crypto analyst and trader is warning Bitcoin bulls that BTC is poised to move lower.
Pseudonymous crypto strategist Kaleo tells his 473,400 Twitter followers that he’s closely following Bitcoin’s price action on the lower timeframe.
According to Kaleo, Bitcoin is following its market structure in June 2021 when the king crypto crashed from $41,000 all the way down to $28,000.
If anything, I see [the] current structure looks more similar to what we saw in mid-June… Just a reminder – support failed, macrostructure looks weak.
Next leg is more likely than not going lower.”
Should Bitcoin follow Kaleo’s fractal, BTC is en route to revisit the $32,000 level, which represents a potential downside of over 15% from Bitcoin’s current value.
Popular crypto strategist Michaël van de Poppe is also bearish on Bitcoin and believes that BTC is likely to follow a similar path.
Van de Poppe tells his 574,600 Twitter followers that he sees a sustained Bitcoin pullback to around $35,000 before it carves a local bottom and bounces to his target above $39,000.
“Bitcoin is following this path.”
At time of writing, Bitcoin is trading at $37,954, down nearly 5% in the last 24 hours and over 20% from its seven-day high of $45,837.Check Price Action
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Featured Image: Shutterstock/Daniel Krason