A widely followed analyst is suddenly issuing a warning that the crypto market may not be done correcting.
Pseudonymous crypto trader Kaleo tells his 675,300 followers on the social media platform X that significant rallies may not resume for Bitcoin (BTC) and other digital assets until they first hit lower prices.
“Still think there’s a chance we see a little bit lower across the board before we start ripping again. Just appreciate the calm that’s here while it lasts. When we do start moving up again, it’ll be violent. Up only takes a lot more energy than any other phase of the market. Plan accordingly before it’s back.”
Other analysts are also weighing in on market conditions with similar near-term bearish predictions.
Widely followed crypto analyst Justin Bennett tells his 115,800 followers on the social media platform X that a crypto market correction could continue until bottoming early next year.
“This ETH chart I posted [on December 21st] showing $3,541 as weekly resistance was one of my concerns about crypto going into Christmas. Notice where Ethereum struggled this week. Yes, we got a Christmas bounce, but it was low volume and mostly retail. Still looks to me like we could see lower from crypto before we bottom in early 2025.”
Ethereum (ETH) is trading for $3,367 at time of writing, down 2.8% in the last 24 hours.
The analyst pseudonymously known as Rekt Capital tells his 115,800 followers on the social media platform X that Bitcoin may revisit lower levels as its Christmas rally appears to be short-lived.
“Looks like that may have been the relief rally. These previously lost supports appear to be acting as resistance for the time being.”
Bitcoin is trading for $95,945 at time of writing, down 2.9% in the last 24 hours.
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Generated Image: Midjourney
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