A top trader and crypto analyst says that Bitcoin and Etheruem could dip well below current prices and still fully be in a bull market.
The pseudonymous crypto trader, known as Kaleo, tells his 279,000 followers that while some crypto assets look vulnerable on lower timeframe charts, the long-term bullish picture still remains intact.
Kaleo says a sizeable dip for Ethereum reaching close to the $2,000 level wouldn’t mark the end of the bull cycle.
“e.g. ETH accumulation down to the mid to low $2,000 doesn’t mean the bull run is over at all.”
The trader says that Bitcoin is in the same boat with Ethereum and that even a swift downturn of 21% from current prices would still be in line with a bull market.
“Same with BTC obviously. Another chance to bid $36,000-$40,000 is fine with me.”
Kaleo uses recent price action from stablecoin-focused Terra (LUNA) as an example of what could