News

A top trader and crypto analyst says that Bitcoin and Etheruem could dip well below current prices and still fully be in a bull market.

The pseudonymous crypto trader, known as Kaleo, tells his 279,000 followers that while some crypto assets look vulnerable on lower timeframe charts, the long-term bullish picture still remains intact.

ADVERTISEMENT


 

Kaleo says a sizeable dip for Ethereum reaching close to the $2,000 level wouldn’t mark the end of the bull cycle.

“e.g. ETH accumulation down to the mid to low $2,000 doesn’t mean the bull run is over at all.”

Image
Source: Kaleo/Twitter

The trader says that Bitcoin is in the same boat with Ethereum and that even a swift downturn of 21% from current prices would still be in line with a bull market.

“Same with BTC obviously. Another chance to bid $36,000-$40,000 is fine with me.”

Image
Source: Kaleo/Twitter

Kaleo uses recent price action from stablecoin-focused Terra (LUNA) as an example of what could be in store for BTC and ETH. According to the crypto analyst, Bitcoin taking a sudden dip below $40,000 before rallying hard would be reminiscent of what LUNA did in July.

“BTC vs LUNA

Like when LUNA had its last dip in late July when there were plenty of calls for less than a dollar, if this happened there will be plenty of calls for $20,000 BTC again. It won’t happen. $100,000+ this cycle is still programmed.”

Image
Source: Kaleo/Twitter
Image
Source: Kaleo/Twitter

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT


 

Check Latest News Headlines

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.

Featured Image: Shutterstock/Animaster007

Products You May Like

Articles You May Like

Grandpa Secret Tokens Crypto in Medicine
Altcoin roundup: There’s more to DeFi than just providing liquidity
Smart contracts are coming to Bitcoin through Dfinity’s Internet Computer
One Thing Must Happen To Spark Widespread Dogecoin Adoption, According to Elon Musk – The Daily Hodl
Dogecoin Price Drops Almost 10% Following China’s Crypto Ban
Waggle Network Successfully Raises $3 Million Seed Round to Build Multi-Chain Marketplace for Strategic Token Sales

Leave a Reply

Your email address will not be published. Required fields are marked *