Trader Says One Dogecoin (DOGE) Rival Could Easily Crash by Over 50%, Updates Outlook on Bitcoin Cash (BCH)
A widely followed crypto analyst is warning that one Dogecoin (DOGE) rival could suddenly collapse as the digital assets markets stagnate.
Pseudonymous analyst Kaleo tells his 596,300 Twitter followers that Pepe (PEPE) could decline by more than 50% from its current value.
The trader uses an inverse chart, which shows Pepe could suddenly decline in value from $0.000000787, at time of writing, to $0.000000390.
“I’m so bullish on PEPE here. Looks like it’s broken out and should easily run it back to the highs. Send it with haste.”
Next, the trader says Bitcoin Cash (BCH) is likely going to keep declining on a downward trend as it retests a key support level at $191.21.
“BCH looks pretty damn heavy after the full retrace from last week’s pump. Send it lower.”
The trader is also predicting Bitcoin Cash will continue on a descending triangle against Bitcoin (BTC).
“BCH/BTC looking for something like this.”
His chart suggests that BCH/BTC will dip to 0.00610 BTC ($157.76) within days. At time of writing, BCH/BTC is trading for 0.00745 BTC ($193).
Kaleo also weighs in on Bitcoin. He predicts the crypto king will experience volatility until a decisive bull cycle will launch sometime in 2024-2025.
“Everything that happens through the end of the year is just noise to shake you out before the real fun begins in 2024/2025.”
He speculates that Bitcoin will dip down to around $21,000 in September, rally up to $34,000 in early October and retest $30,000 later that month.
He bases his prediction in part on how Bitcoin on average performs poorly in September and stronger in October.
“Bad Septembers lead to good Octobers / Novembers.”
Bitcoin is trading for $25,912 at time of writing, down 1% in the last 24 hours.
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