A crypto strategist who continues to build a following from timely Bitcoin (BTC) calls believes the king crypto is mirroring its early 2019 price action when it entered a brief period of consolidation before a parabolic push.
Pseudonymous analyst Kaleo tells his 569,400 Twitter followers that just like in 2019, Bitcoin appears to be in an accumulation phase as it respects a diagonal resistance on the four-hour chart.
“Plenty of similarities to the current range and where we were in the spring of 2019 after BTC broke out above the high timeframe bear market downtrend. A bit of chop here is expected before the real send begins.”
Looking at Kaleo’s chart, he appears to predict that BTC could dip to the $25,000 level before breaking out of the diagonal resistance and rallying toward $33,000.
At time of writing, Bitcoin is trading for $28,086. A correction to $25,000 indicates a nearly 11% decline for BTC should it hit Kaleo’s downside target.
According to Kaleo, a move down to $25,000 could change trader sentiment in Bitcoin as he believes it will erase bullish euphoria over BTC’s rally in the last few weeks and invite bears to abruptly reemerge.
“Revisiting $25,000 BTC before seeing $30,000 would be fun:
1) Guaranteed the $1 million Bitcoin in 90 days crowd would completely disappear during the little dip
2) Guaranteed whispers from the $12,000 crowd would creep back on the timeline just to have their hearts broken again.”