Analyst’s Perspective: Bearish Signals for Bitcoin and Altcoins
A prominent crypto strategist has raised concerns about potential price declines in Bitcoin (BTC) and two other alternative cryptocurrencies in light of ongoing bearish market trends.
The pseudonymous analyst known as Kaleo anticipates that Bitcoin could experience a substantial decline, potentially exceeding 20% from its current valuation.
Kaleo’s analysis suggests that Bitcoin may retrace to the $20,800 level before potentially rallying unexpectedly next month, possibly reaching approximately $36,000.
still wouldn't be surprised to see something like this play out pic.twitter.com/2NAen8uylU
— K A L E O (@CryptoKaleo) September 25, 2023
Shifting focus, Kaleo expresses concerns about Ethereum (ETH), a smart contract platform, which appears to be on the verge of a downturn after repeatedly testing a vulnerable support level.
For Ethereum, Kaleo believes that it is precariously positioned on the edge of a precipice and predicts a descent to lower levels before a potential resurgence, possibly surpassing $2,000.
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Lastly, the analyst discusses the outlook for Solana (SOL), a competitor to Ethereum, suggesting that Solana could experience a substantial drop of more than 27% from its current value if it fails to maintain a critical support level at $18.
From a USD perspective, Kaleo expects the genuine downturn to commence once Solana slips below the $18 mark. His analysis indicates that Solana is at risk of a significant decline, especially if it fails to successfully convert a resistance trendline into a support level.
As of the latest data, Solana is trading at $19.24, reflecting a 2% decrease over the past day.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
