Top Crypto Trader Issues Bitcoin Alert, Says March 2020 BTC Flashing Vibes Meltdown

A closely monitored crypto trader is issuing a warning to Bitcoin (BTC) holders, saying the current king crypto market structure resembles the price action prior to a deep dive about three years ago.

Pseudonymous analyst Kaleo tells his 566,300 Twitter followers that Bitcoin is currently consolidating above a diagonal trendline after being knocked out earlier this year.

According to the trader, the price action is reminiscent of how Bitcoin moved in early 2020 when it surged from around $6,000 to $10,000 before capitulating back to $3,000 in March of the same year.

“Please lord, be different this time.”

Source: Kaleo/Twitter

While Bitcoin’s current market structure may seem ominous, Kaleo says there is still an opportunity for BTC bulls to move forward as long as the trendline continues.

“Both Bitcoin and SPX are retesting key support levels for a high time frame.

In my opinion, there’s no reason to be a doomer/incredibly bearish here as long as these hold up.

Source: Kaleo/Twitter

If the trendline doesn’t hold, Kaleo warns that BTC is likely to witness a massive sell-off.

“If they do break, we will see real capitulation. Until then, I see this as a good risk/reward place to lunge with clearly defined downside stops and huge upside potential.”

At the time of writing, BTC is trading at USD 20,130.

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