After six consecutive weeks in the red, a popular crypto strategist says that the end of Bitcoin’s (BTC) correction is finally on the horizon.
Pseudonymous crypto analyst Kaleo tells his 486,100 Twitter followers that he doesn’t believe Bitcoin’s downtrend will end at $30,000.
“So what happens next? They’re going to get you used to $30,000 like they got you used to $40,000. They’ll sell you on dreams of $40,000 like you were sold on dreams of $50,000. We’ll probably have a bounce that gets close… Capitulation will be out in full force. Bitcoin will once again be declared dead.”
In Late April, when Bitcoin was still trading above $40,000, Kaleo predicted that bears will push the top digital asset all the way down to $28,000. Over a month later, the crypto strategist says his roadmap is still valid.
“Bitcoin/BTC. Plenty of hate throughout this thread and yet somehow we’ve nearly made it.”
As Bitcoin is now trading close to his downside target, Kaleo predicts that BTC will establish a bottom in the coming days.
“We’ve had six weekly red candles in a row. This week will be number seven. Seven is a number of completion. Bottom will be in this week. If I had to guess $28,000/$29,000.”
At time of writing, Bitcoin is changing hands for $31,046.
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Source: https://dailyhodl.com/2022/05/11/crypto-analyst-says-bitcoin-btc-bottom-in-sight-after-six-weeks-in-red-heres-his-target-price-and-date/