- Crypto Kaleo does not think there will be a capitulation to beneath $20K or below for Bitcoin.
- However, he sees BTC retesting support levels below current prices before making new highs.
- According to the analyst, despite the bears, it’s possible for new momentum to take BTC/USD to above $28,000.
Bitcoin could drop below $24,000 and retest support levels beneath that buffer zone before finding fresh upward momentum that could include bullish retests of highs above $28,000.
However, even as he charts a potential decline to new lows, popular analyst Crypto Kaleo doesn’t think the Bitcoin market will see new capitulation that pushes prices to $20,000 or below in coming weeks.
According to the analyst, who agrees he might have been “overzealous” in his projection for an upward continuation this week – he had suggested that Bitcoin’s price could tick to $25,000 as risk assets pumped after recent US inflation data – remains bullish and sees a dip in the week as what could offer fresh impetus for higher targets.
Bitcoin rejected at $25k, but…
Indeed Bitcoin rallied to prices above $25k on Sunday before paring some of the gains on Monday. At the time of writing, BTC/USD was poised just above $24k, about 1.3% down in the past 24 hours.
He noted in a tweet:
“I got overzealous on Friday expecting continuation to $28K through the weekend into early this week. I admit when I’m wrong, & while I don’t believe we’re going to see a capitulation to new lows & break beneath $20K, a bit lower before a bit higher makes sense.”
Commenting further on the outlook and his opinion of where next the price of Bitcoin could go, Kaleo added that rejection at
