A popular crypto trader and analyst is predicting Bitcoin’s (BTC) upcoming price action will mirror the chart of one explosively successful altcoin.
The pseudonymous trader known as Kaleo tells his 388,400 Twitter followers to stack BTC and compares Bitcoin’s chart to the smart contract platform Terra (LUNA).
$LUNA vs. $BTC
Remember the big picture.
Stack more #Bitcoin. pic.twitter.com/NF9Ct4U4rR
— K A L E O (@CryptoKaleo) September 28, 2021
Terra’s native asset LUNA has surged by nearly 10,800% in the past year, and reached its all-time high of $43.82 earlier this month. LUNA is trading at $35.18 at time of writing, according to CoinGecko.
Bitcoin is trading at $42,142 at time of writing, down more than 10% in the past two weeks. Kaleo thinks the largest crypto asset by market cap will likely lose a bit more ground before taking off again.
The analyst explains,
“If I had to guess, I bet we see a quick dip down to 37 or so and run it back turbo from there.
A move down to $37K isn’t scary. You know what is scary, though? Selling slightly above that level to try to capture a few extra percentage points lower, only to miss your target, buy back higher and have less BTC than what you started with before the run up to $100K+.”
Kaleo is also bullish on the smart-contract platform Solana (SOL).
$SOL is getting ready for another vertical leg higher pic.twitter.com/wejqr4D9ZD
— K A L E O (@CryptoKaleo) September 26, 2021