A crypto strategist who continues to build a following from timely Bitcoin (BTC) calls believes the king crypto is mirroring its early 2019 price action when it entered a brief period of consolidation before a parabolic push.
Pseudonymous analyst Kaleo tells his 569,400 Twitter followers that just like in 2019, Bitcoin appears to be in an accumulation phase as it respects a diagonal resistance on the four-hour chart.
“Plenty of similarities to the current range and where we were in the spring of 2019 after BTC broke out above the high timeframe bear market downtrend. A bit of chop here is expected before the real send begins.”
Looking at Kaleo’s chart, he appears to predict that BTC could dip to the $25,000 level before breaking out of the diagonal resistance and rallying toward $33,000.
At time of writing, Bitcoin is trading for $28,086. A correction to $25,000 indicates a nearly 11% decline for BTC should it hit Kaleo’s downside target.
According to Kaleo, a move down to $25,000 could change trader sentiment in Bitcoin as he believes it will erase bullish euphoria over BTC’s rally in the last few weeks and invite bears to abruptly reemerge.
“Revisiting $25,000 BTC before seeing $30,000 would be fun:
1) Guaranteed the $1 million Bitcoin in 90 days crowd would completely disappear during the little dip
2) Guaranteed whispers from the $12,000 crowd would creep back on the timeline just to have their hearts broken again.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney