Bitcoin Could Soon Hit $40k – ETH New Price Prediction Also Drops

According to the latest predictions, it seems that Bitcoin could soon hit $40k. Check out the latest reports about BTC’s potential price changes.

A widely followed analyst believes that Bitcoin (BTC) is still on track to hit $40,000. This could reportedly happen despite the crypto king’s recent struggles to go above $30,000.

Pseudonymous crypto strategist Kaleo said recently that he thinks Bitcoin could first witness a sell-off event before rallying toward $40,000.

According to the analyst, Bitcoin will likely retest support at around $25,000 first before regaining its bullish momentum.

“For what it’s worth – these are my thoughts on current Bitcoin price action.

$40,000 is still a magnet.”

As the online publication the Daily Hodl notes, looking at the lower timeframes, Kaleo says that Bitcoin has already taken out diagonal support that has allowed BTC to rally from around $19,000 in March to above $30,000 last month.

“Support broke, low timeframe structure looks weak. Lower before higher makes sense.”

Regarding Ethereum (ETH), Kaleo thinks that the leading smart contract platform could also see a significant retracement alongside BTC.

The analyst predicts that ETH could carve a local bottom at around $1,540 before rallying toward his target of $2,300 by July.

“Wouldn’t hate seeing something like this play out for ETH.”

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $1,867.

Back in April, we were revealing that Bitcoin (BTC) and Ethereum’s (ETH) turnaround this year is likely to continue. This will probably be happening despite the recent correction in the broader crypto markets.

Van de Poppe thinks that ETH is still in a macro uptrend as long as it is trading above a crucial support level on the weekly timeframe.

“Based on the weekly timeframe… we are still trending up. Even if we have a corrective move all the way towards the level of $1,800, we could argue that we’re still trending up and that the rally isn’t over.”