Analyst Says Key Ethereum Competitor Will Fall More Than 36% Before Bouncing Higher, Updates Bitcoin Outlook

A broadly adopted crypto analyst believes that an Ethereum (ETH) competitor may first appropriate by double digits after which mount a large rally to print new all-time highs (ATH).

Pseudonymous crypto dealer Kaleo tells its 645,400 followers on social media platform X that Solana (SOL) may fall by greater than 36% of its present worth.

“SOL/Solana: $80, new all-time highs.”

his chart, the dealer means that SOL may fall to round $80 after which rise previous $263.

Solana is buying and selling at $125 on the time of writing, down greater than 5% within the final 24 hours.

Then the analyst warns that Bitcoin (BTC) may fall to round $42,500, a decline of greater than 21% from its present worth. He additionally means that Bitcoin may see an enormous breakout after the US presidential election on November 5 and rise above $88,000 in early 2025.

“Okay, guys, I nonetheless imagine we’ll get by the election and get after it, nevertheless it’s beginning to appear like my IHS (reverse head and shoulders sample) principle is being invalidated at what was initially my goal buy value. Why? It looks like shares within the backside left are nonetheless having some respectable motion and I do not see any motive why BTC/alts would maintain regular whereas SPY/QQQ prints extra purple candles. A number of majors are at HTF (excessive timeframe) help ranges, so a fast flush from right here is smart.”

Bitcoin is buying and selling at $53,906 on the time of writing, down virtually 4% prior to now 24 hours.

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Generated picture: Midjourney