Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) could face dramatic capitulations, trader warns
A closely followed crypto strategist warns that the price of Bitcoin (BTC) and two other altcoins could collapse amid ongoing bearish market structures.
Pseudonymous analyst Kaleo tells his 596,500 followers on social media platform X that he expects Bitcoin to potentially fall by more than 20% from its current value.
“I still wouldn’t be surprised if something like that happened.”
Source: Kaleo/X
Looking at his chart, the trader thinks Bitcoin could fall to $20,800 before staging a surprise rally to around $36,000 next month.
Bitcoin is trading at $26,160 at the time of writing, down 0.7% in the last 24 hours.
Next, the trader says that smart contract platform Ethereum (ETH) is on the verge of a decline after repeatedly testing a vulnerable support level.
“ETH, for example, is hanging on the ledge. I think a break lower before it gets back up to speed and back above $2,000 is still likely.”
Source: Kaleo/X
Ethereum is trading at $1,585 at the time of writing, down 0.5% in the last 24 hours.
Finally, the trader says ETH rival Solana (SOL) could plunge more than 27% from its current value if it fails to hold a key support level at $18.
“From a USD perspective, one would expect the real capitulation to begin below $18.”
Source: Kaleo/X
A look at its chart shows that Solana is in danger of collapsing after failing to successfully convert a resistance trendline into support.
Solana is trading at $19.24 at the time of writing, down 2% over the past day.
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