A prominent analyst predicts that given the widespread bearish sentiment in the crypto market, Bitcoin could drop to $ 24,000.

The person known in the industry as Kaleo outlined short-term bullish and bearish scenarios for Bitcoin. Bitcoin could rally if it hits the USD 30,000 support, Kaleo said. However, in a bearish scenario, Kaleo sees BTC fail to hold support at $ 30,000 and will fall to the 2021 low of $ 24,000.

“I’m still optimistic about Bitcoin in the high timeframe. People keep asking me what could change my trend … Basically, one of the situations is option # 2 – price tests diagonally (dashed line), weakly recovers, and then follows.

BTC / USD 4-hour chart | Source: Kaleo / Twitter

Despite investigating the possibility of a failed Bitcoin recovery, Kaleo said the current market structure of Bitcoin is similar to Apple’s price action (AAPL) in March 2020, as the tech giant rebounded from the panic caused by the COVID-19 pandemic.

I still believe we are hopping here. The chart is very similar to AAPL’s at the end of March.

Studying the market cycles (everything I’ve shared) it’s hard to believe the bull market is over, but I wanted to provide an overview of how I actually see this stuff. pic.twitter.com/TVMB73aRi7

– KALEO (@CryptoKaleo) July 15, 2021

“I still believe Bitcoin will ricochet off from here. The chart is extremely similar to the AAPL at the end of March.

Studying the market cycles (everything I’ve shared) it’s hard to believe the bull market is over, but I wanted to offer some analysis of how I actually see this.

Amid the uncertainty surrounding the benchmark cryptocurrency, Kaleo said he expects Bitcoin to eventually regain its bullish momentum.

“Again, I am not acting within this range, I feel good about it. As a trader it is important to constantly question your prejudices and to be prepared for all eventualities….

The bull market is not over yet … “

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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