On September 26th, the cryptocurrency markets failed to recover, and despite the good news, BTC weakness continues as the article is being prepared. The SEC has begun to be pushed by members of the House of Representatives to approve ETFs. Approximately 17 hours later, they will testify before these members and now they have very little room to escape. Despite the good news that came in the evening today, the king of cryptocurrencies continues its indifference.
Kaleo, one of the expert names closely followed by investors, warned over half a million investors. Predicting the possibility of a decline for Bitcoin, ETH, and SOL, the expert expects the king of cryptocurrencies to lose about 20% of its value.
The analyst does not mention a long-term decline. If you look at the chart he shared, he expects a withdrawal down to $20,800 before a strong recovery to the $36,000 level. This is somewhat consistent with the targets in the Elliot chart shared by QCP Analysts last week.
Many cryptocurrency experts, with the psychological support provided by the current negative sentiment, are declaring that they expect further losses in the markets. Of course, we will see whether the unpredictable nature of cryptocurrencies will deceive them or not.
Afterward, the famous trader started examining the charts of ETH and SOL Coin. He stated that Ethereum is about to start the expected downward movement after repeatedly testing a vulnerable support level.
“For example, ETH is hanging on the edge of a cliff. I think it is likely to see lower levels again before the excitement doubles and reaches $2,000.”
Kaleo highlights the key support level of $18 for SOL Coin and predicts about a 30% loss from the current price if it fails.
“From a USD perspective, we expect the real capitulation to start below $18.”
Looking at the chart, it appears that Solana is about to start a strong series of losses after failing to convert a resistance trendline into support.
This week, personal consumption data will be announced on Friday, and on Wednesday, the SEC chairman will make statements. What we will see according to the two important dates can greatly impact the price positively/negatively.