Bitcoin Fake Breakout To $42k, BTC Price Might Drop To $37K Again. Here’s Why

The Bitcoin price has now wiped out all the crashes that the flagship currency had experienced before Monday, April 18. The world’s first cryptocurrency even jumped a ten-day high hitting above $42,000. 

After facing a bearish pull for a few weeks, Bitcoin’s first retracement towards a bull run began from $40,000 and then $41,000 level before landing at $42,000 range. With Bitcoin reclaiming $42,000 level, the global cryptocurrency market too has surged by 0.53% over the last 24hrs positioning at $1.95 trillion.

At the time of reporting, Bitcoin is trading at $42,358 with an increase of 1.31% in the last 24hrs.

Also Read : Crypto Market May Crash by 70% Dragging the Global Market Cap Below $1 Trillion

Veteran Trader Remains Bearish For Bitcoin

On the contrary, there is one crypto analyst who is predicting an extended Bitcoin Bear market before the trend reversal. Let’s understand his timeline.

As the leading cryptocurrency is under a bullish wave, a veteran crypto trader Kaleo, who looks at the chart to assess Bitcoin’s further journey, informs his 478,400 Twitter followers to look at Bitcoin’s chart that dates back to December 2020, which indicates the potential price movement through June 2022.

Here, according to the crypto strategist, Bitcoin will bottom below $37,000 and then hover around the low range of $30,000.

In the next Twitter post, veteran trader Kaleo posts a chart of Bitcoin that shows the king currency’s futures contracts which are dated back to late January, and this chart depicts a bullish trend of higher lows. However, this chart also points towards Bitcoin continuing to see a downfall after its last rally peaked at $47,878 back on March 28th.

Moving further, the trader throws a spotlight on the price range of $41,000 to $42,000 as this is where high-time frame (HTF) investors are interested in. While being cautious, Kaleo claims that he is open to the possibility of Bitcoin surpassing this level, he is still bearish.

The veteran trader and crypto analyst, Kaleo concludes his Bitcoin predictions by revisiting the March 16th post in which he had made a long-term projection for Bitcoin to surge towards the high of $50,000 or low of $40,000 but without hitting any new all-time high.