Crypto Analyst Warns Bitcoin Could Drop Below $50,000 Again Before Recovering
A popular crypto analyst is cautioning that Bitcoin (BTC) might drop below $50,000 before making a significant recovery.
The analyst known as Kaleo shared that Bitcoin could fall into the high $40,000s or low $50,000s before rebounding and potentially hitting new all-time highs by year-end.
The flush to the low 50s happened pretty fast.
Imo this plays out a bit more of a rounded bottom than an immediate move back to the highs.
e.g. could bleed slightly lower and chop in the lower bounds of this range the next few weeks before bouncing back
As far… pic.twitter.com/CwbaFTCSvj
— K A L E O (@CryptoKaleo) August 5, 2024
Kaleo’s analysis suggests that Bitcoin could surge past $80,000 after finding support around the $50,000 mark. Currently, Bitcoin is trading at $54,084, down over 10% for the day.
Regarding Ethereum, Kaleo had predicted a pullback to around $2,400, with ETH now trading at $2,340.
Still a bit lower to go bros
No need to stress
It’ll turn around soon enough when it’s over pic.twitter.com/hZktnRcdFP
— K A L E O (@CryptoKaleo) August 3, 2024
His chart indicates that Ethereum could recover significantly, potentially surpassing $4,000 once it finds support at the current level.
READ MORE: Bitcoin and Ethereum Plunge Amid Global Market Downturn
As for Dogecoin, Kaleo views the recent drop as an opportunity for investors to buy at lower prices, suggesting that waiting for a rebound in early 2025 could be worthwhile.
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.
