A widely followed crypto strategist is warning Bitcoin (BTC) traders that the king crypto looks poised for another sell-off event.
The pseudonymous analyst Kaleo tells his 545,700 Twitter followers that Bitcoin has taken out its diagonal support on the one-hour chart and appears ready for a steep correction to $12,500.
“Zooming in, a continuation lower before any type of bounce is the most likely scenario. We’ve already seen the inverse pennant break lower, and the next solid support level converges at the retest of the high timeframe trend breakout and support from 2019-2020 base range highs.”
At time of writing, Bitcoin is changing hands for $16,172, indicating a downside potential of over 22% should BTC hit Kaleo’s target.
Although the crypto analyst believes that