Analysis

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.”

Image
Source: Kaleo/X

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.”

Image
Source: Kaleo/X

The trader is also predicting Bitcoin Cash will continue on a descending triangle against Bitcoin (BTC).

“BCH/BTC looking for something like this.”

Image
Source: Kaleo/X

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.

Image
Source: Kaleo/X

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.”

Image
Source: Kaleo/X

Bitcoin is trading for $25,912 at time of writing, down 1% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

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 recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source link

Back to top button
Please enter CoinGecko Free Api Key to get this plugin works.