A veteran crypto-trader and analyst known by the nickname Kaleo decided to estimate bitcoin (BTC) price prospects until June of this year.
The expert expects bitcoin to fall below $37,000 with the potential to dip to the beginning of the $30,000 range.
As the $37,000 goal approaches, it’s time to plan for what comes next.
The most likely scenario I see would be a weak bounce from support, followed by a move back to the lows of the range around the low of $30.
Kaleo posted a chart showing perpetual bitcoin futures contracts dating back to late January. It shows an uptrend to the upper lows, indicating that BTC will continue to fall.
The trader continues to highlight the $41,000 to $42,000 price range as being of interest to investors with high time frames. He notes with caution that BTC could outperform that level and strengthen the bullish sentiment.
Another factor to consider is the $41,000 to $42,000 level, which acts as the decision level for HTF [higher timeframe] momentum over the past 18 months.
There is still enough resistance for a breakout upside, in which case the scenario described above would be invalidated.
At the moment I am still leaning towards a bearish scenario.
The analyst ended his bitcoin forecast with the words that BTC could potentially reach a low of $40,000 or a high of $50,000, but without a breakout to new all-time highs anytime soon.
And in case you’re wondering, of course I’m optimistic about BTC. Sometimes you just have to be patient.
On the evening of April 21, bitcoin was trading around $41,500, making a successful attempt in the afternoon to break through resistance at $42,000.