Analyst Kaleo predicts that Bitcoin’s upcoming price action will mirror the chart of a hugely successful altcoin smart contract platform Terra.
Terra’s native LUNA asset is up nearly 10,800% over the past year, hitting an all-time high of $ 43.82 earlier this month. LUNA is trading at $ 35.18 at press time.
Think about the big picture.
Stack more #Bitcoin. pic.twitter.com/NF9Ct4U4rR
– KALEO (@CryptoKaleo) September 28, 2021
Meanwhile, Bitcoin is trading at $ 43,680 at press time, down more than 8% over the past two weeks. Kaleo believes the largest crypto asset by market cap is likely to fall a little more before it bounces back.
“If I had to guess, I’ll bet BTC would see a quick drop to around $ 37,000 and bounce off there.
The drop to $ 37,000 isn’t scary. But do you know what’s scary? Sell a little higher to try to make a profit but miss the mark, then buy at a higher price and end up owning some BTC when the price starts to rise above $ 100,000. “
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