A widely followed crypto analyst warns that a rival to Dogecoin (DOGE) could suddenly collapse as digital asset markets stagnate.
Pseudonymous analyst Kaleo says its 596,300 followers on Twitter that Pepe (PEPE) could drop more than 50% from its current value.
The trader uses an inverse chart, which shows that Pepe could suddenly lose its value from $0.000000787, at the time of writing, to $0.000000390.
“I am very optimistic about PEPE. It appears to have been broken and should easily return to highs. “Send it quickly.”
Then the merchant says Bitcoin Cash (BCH) is likely to continue falling in a bearish trend as it retests a key support level at $191.21.
“BCH looks pretty heavy after last week’s complete pump pullback. Send it below.”
The merchant also predicting Bitcoin Cash will continue in a descending triangle against Bitcoin (BTC).
“BCH/BTC looks for something like this.”
Its chart suggests that BCH/BTC will fall to 0.00610 BTC ($157.76) in a few days. At the time of writing, BCH/BTC is trading at 0.00745 BTC ($193).
Kaleo also has his opinion on Bitcoin. He predict The king of cryptocurrencies will experience volatility until a decisive bull cycle is launched sometime in 2024-2025.
“Everything that happens until the end of the year is just noise to shake you up before the real fun begins in 2024/2025.”
He speculates that Bitcoin will fall to around $21,000 in September, rise to $34,000 in early October, and retest $30,000 later that month.
He bases his prediction partly because of how Bitcoin on average performs poorly in September and stronger in October.
“Bad Septembers lead to good Octobers/Novembers.”
Bitcoin is trading at $25,912 at the time of writing, down 1% in the last 24 hours.
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