A prominent analyst says that even if Bitcoin and Etheruem drop well below current levels, they are still in a bull market.
The person known in the industry as Kaleo told its 279,000 followers that while some cryptocurrencies appear vulnerable on the lower time frame charts, the bullish picture is long-term.
Kaleo said Ethereum’s significant drop to $ 2,000 will not mark the end of the bull cycle.
“The fact that ETH has fallen from current levels to the lows in the $ 2,000 region doesn’t mean the bull run is over.”
ETH / USDT daily chart | The source: Kaleo / Twitter
According to him, the current Bull Run is very similar to the Bull Run in late 2017 and ETH will hit a high of $ 15,000 before correcting.
The analyst says that Bitcoin is in the same boat as Ethereum, and even if it comes to a rapid 21% drop from current price levels, it is still in a bull market.
“Obviously, Bitcoin is similar. It would be good to bid between $ 36,000 and $ 40,000 in the zone. “
BTC / USDT 4-hour chart | The source: Kaleo / Twitter
Kaleo is using Terra (LUNA) ‘s recent price promotion as an example of what could happen to BTC in the near future. According to the crypto analyst, Bitcoin’s sudden drop below $ 40,000 before a massive surge is a reminder of what LUNA did in July.
“BTC vs. LUNA.
For example, when LUNA had its last drop in late July and there were a lot of calls under $ 1 and if this happens for BTC there will be a lot of calls again at $ 20,000. It’s not going to happen. The goal of this cycle is 100,000 US dollars and more. “
BTC / USDT 2-hour chart | The source: Kaleo / Twitter
Hourly LUNA / USDT Chart | Source: Kaleo / Twitter
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According to Dailyhodl