A closely followed crypto strategist is warning that Bitcoin (BTC) and two other altcoins could collapse in price amid ongoing bearish market structures.
Pseudonymous analyst Kaleo tells his 596,500 followers on the social media platform X that he’s expecting Bitcoin to potentially decline by more than 20% from its current value.
“Still wouldn’t be surprised to see something like this play out.”
Looking at his chart, the trader believes that Bitcoin could decline to the $20,800 level before taking off on a surprise rally next month to around $36,000.
Bitcoin is trading for $26,160 at time of writing, down 0.7% in the last 24 hours.
Next, the trader says the smart contract platform Ethereum (ETH) is on the verge of a dip after repeatedly testing a vulnerable support level.
“ETH for example is hanging on the ledge of a cliff. I think a break lower before running it back turbo and seeing $2,000+ again is still likely.”
Ethereum is trading for $1,585 at time of writing, down 0.5% in the last 24 hours.
Lastly, the trader says ETH rival Solana (SOL) could collapse by more than 27% from its current value if it fails to hold a key support level at $18.
“From a USD perspective, would expect the real capitulation to start beneath $18.”
Looking at his chart, the trader thinks that SOL is flashing a failed breakout setup that could send the Ethereum rival below $14.
Solana is trading for $19.24 at time of writing, down 2% in the past day.
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Featured Image: Shutterstock/Sol Invictus/IvaFoto
