A widely followed analyst believes that Bitcoin (BTC) is still on track to hit $40,000 despite the crypto king’s recent struggles to go above $30,000.
Pseudonymous crypto strategist Kaleo tells his 583,800 Twitter followers that he thinks Bitcoin could first witness a sell-off event before rallying toward $40,000.
According to the analyst, Bitcoin will likely retest support at around $25,000 first before regaining its bullish momentum.
“For what it’s worth – these are my thoughts on current Bitcoin price action.
$40,000 is still a magnet.”
Looking at the lower timeframes, Kaleo says that Bitcoin has already taken out diagonal support that has allowed BTC to rally from around $19,000 in March to above $30,000 last month.
“Support broke, low timeframe structure looks weak. Lower before higher makes sense.”
At time of writing, Bitcoin is trading for $28,110, down over 2% in the last 24 hours.
As for Ethereum (ETH), Kaleo thinks that the leading smart contract platform could also see a significant retracement alongside BTC.
The analyst predicts that ETH could carve a local bottom at around $1,540 before rallying toward his target of $2,300 by July.
“Wouldn’t hate seeing something like this play out for ETH.”
At time of writing, Ethereum is trading for $1,838, a fractional decrease in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not…
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