Crypto Analyst Kaleo Warns Bitcoin (BTC) Could Drop Below $50,000 Before Taking Off to New ATHs

Pseudonymous crypto trader Kaleo tells his 642,200 followers on the social media platform X that Bitcoin could dip into the high $40,000 to low $50,000 range

A popular crypto strategist is warning traders not to be surprised if Bitcoin (BTC) drops below the $50,000 level.

The pseudonymous crypto analyst, known as Kaleo, tells his 642,200 followers on social media platform X that he believes Bitcoin could be poised for one final dip into the high $40,000s to low $50,000s before making its way to new all-time highs around the end of the year.

“Don’t be surprised if we wick into the high $40ks, but I think it’s more probabilistic to see a bottom after a flush to the low $50ks. Either way – new ATHs (all-time highs) by EOY (end of year) or close to it.”

Kaleo’s chart suggests that BTC could be able to make its way past the $80,000 level after finding support around $50,000.

Bitcoin is trading at $54,084 at time of writing, down more than 10% on the day.

Next up is Ethereum, and Kaleo’s previous analysis accurately predicted that ETH would correct around the $2,400 level. ETH is trading at $2,340 at time of writing.

However, Kaleo’s chart suggests that after finding support around $2,400, ETH could be poised for a strong recovery back above $4,000.

Concluding his analysis with the dog-themed meme asset Dogecoin (DOGE), Kaleo says that while the latest dip feels harsh, it’s an opportunity for traders who want to stack more tokens at a discount.

“I can see how this is perceived as painful – but IMO (in my opinion), it’s a gift. Is waiting until early 2025 for a full send really that long? Especially if you’re given another discount and several more months to stack.”

Dogecoin is trading at $0.0933 at time of writing, down 13.61% over the last 24 hours.