Coin Edition -
- Crypto Kaleo asked investors to buy Bitcoin after a major correction.
- The analyst believes that BTC will hit $60,000 post this correction.
- Bitcoin RSI reads above 66 which shows that bulls are still in control.
Market-leading digital asset Bitcoin (BTC) fell below $100,000 again after claiming a high of $102,039.88 in the past 24 hours. This market uncertainty led prominent trader, analyst, and co-founder of NFT project LedgArt, Crypto Kaleo, to advise investors not to buy BTC out of FOMO (fear of missing out).
In a post on X (formerly Twitter), Crypto Kaleo noted that despite BTC soaring to $100,000 and crypto market participants and “experts” urging investors to buy more BTC at the current price of $99,617.06, a correction is likely. The analyst asked investors to wait for the correction, during which he expects BTC to fall to the $60,000 price level.
Do not buy Bitcoin right now. Let me say that again: do *not* buy Bitcoin right now. The price has skyrocketed to $100,000, and the so-called "experts" screaming for you to jump in are nothing more than opportunistic predators, salivating at the chance to prey on your fear of…— K A L E O (@CryptoKaleo) December 5, 2024
Crypto Kaleo termed these “experts” as “shills,” “con artists,” and “opportunistic predators” who are, “orchestrating a classic pump-and-dump scheme” and who aim to profit off investors’ FOMO. The analyst claims that the “market always corrects” and advises investors not to be greedy and give in to the fear of missing out on gains.
However, a few crypto market enthusiasts refuted Crypto Kaleo’s claims, stating that the market-leading digital asset is never going back to $90,000. At the time of writing, Bitcoin is down 4.31% from its all-time high of $103,900.47 and has dropped below the $2 trillion market cap.
Chances of a Bitcoin Price Correction
Bitcoin continues to print higher highs, and the cryptocurrency’s trading volume has also increased in the past few weeks. While the total market cap of the crypto space hit $3.67 trillion, BTC remains at the top with a dominance of 53.9%.
Read also: Early Bitcoin Addresses Move $6M as BTC Hits $100K Milestone (WA:MMD)
The Relative Strength Index (RSI) for Bitcoin reads a value above 66, indicating that the bulls are overall in control of the BTC price action, and the gradient of the line suggests that higher prices for the market leader are possible in the near future. Furthermore, the line is no longer in the overbought zone after the latest correction
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