Trader Says a Dogecoin (DOGE) Rival Could Easily Plunge Over 50%, Updates Outlook on Bitcoin Cash (BCH)
A widely followed crypto analyst warns that a rival to Dogecoin (DOGE) could suddenly collapse if digital asset markets stagnate.
Pseudonymous analyst Kaleo tells his 596,300 Twitter followers that Pepe (PEPE) could fall more than 50% from its current value.
The trader uses an inverse chart that shows Pepe’s value could suddenly drop to $0.000000390 from $0.000000787 at the time of writing.
“I’m so optimistic about PEPE here. Looks like it has broken out and should easily return to highs. Send it hastily.”
Source: Kaleo/X
Next, the trader says Bitcoin Cash (BCH) is likely to continue falling and trending lower as it retests a key support level at $191.21.
“BCH is looking pretty damn heavy after the complete decline from last week’s pump. Send it deeper.”
Source: Kaleo/X
The trader also predicts that Bitcoin Cash will continue to remain in the descending triangle against Bitcoin (BTC).
“BCH/BTC is looking for something like this.”
Source: Kaleo/X
Its chart suggests that BCH/BTC will fall to 0.00610 BTC ($157.76) within a few days. At the time of writing, BCH/BTC is trading for 0.00745 BTC ($193).
Kaleo also comments on Bitcoin. He predicts that the crypto king will experience volatility until a decisive bull cycle begins sometime in 2024-2025.
“Everything that happens between now and the end of the year is just noise designed to scare you away before the real fun begins in 2024/2025.”
He expects Bitcoin to fall to around $21,000 in September, rise to $34,000 in early October, and hit $30,000 again later this month.
Source: Kaleo/X
He bases his prediction in part on Bitcoin performing poorly on average in September and better in October.
“Bad Septembers lead to good Octobers/Novembers.”
Source: Kaleo/X
Bitcoin is trading at $25,912 at the time of writing, down 1% in the last 24 hours.
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