Ethereum Rival Expected to Drop 36% Before Rebound, Analyst Updates Bitcoin Forecast
A well-known crypto analyst has put forth the idea that a competitor to Ethereum (ETH) may experience a significant correction followed by a substantial rally to achieve new all-time highs (ATH).
The pseudonymous crypto trader, Kaleo, shared with his substantial following on the social media platform X that Solana (SOL) could potentially see a decline of over 36% from its current value. According to Kaleo, the trajectory for SOL could involve a drop to approximately $80 before surging past $263.
As of the latest update, Solana is priced at $125, reflecting a decrease of more than 5% within the past 24 hours. Kaleo’s analysis indicates a potential rollercoaster ride for SOL in the near future.
Moving on to Bitcoin (BTC), the analyst has issued a cautionary note, suggesting that BTC might experience a dip to around $42,500, representing a decline of more than 21% from its current value. However, Kaleo also speculates that following the US presidential election on November 5th, Bitcoin could witness a significant breakout, potentially reaching beyond $88,000 by early 2025.
Kaleo’s detailed analysis includes insights into the market dynamics surrounding Bitcoin, hinting at a possible correlation with the performance of equities. He mentions a specific pattern, the inverse head and shoulders pattern (IHS), and its implications on Bitcoin’s price movement. Kaleo’s observations suggest that certain major assets are at critical support levels, indicating a potential downward trend before a probable upward surge.
At the time of writing, Bitcoin is trading at $53,906, showing a decline of nearly 4% over the last 24 hours. Kaleo’s analysis provides a glimpse into the intricate world of cryptocurrency trading, highlighting the volatility and potential opportunities that lie ahead for traders and investors in the digital asset space.
