Bitcoin
Crypto Analyst Warns Bitcoin (BTC) Is at Risk of Further Correction – Here’s Your Target
A crypto strategist who nailed Bitcoin’s pre-halving pullback warns that (Bitcoin) could correct to much lower levels.
The analyst known pseudonymously as Rekt Capital it says its 79,900 YouTube subscribers that Bitcoin could fall more than 8% from its current value.
“And if we saw a deeper cycle correction, or at least equal to the deepest cycle correction of 23.8%. That would take us to $55,000.”
Source: Rekt Capital/YouTube
However, the analyst believes that a deeper drawdown is unlikely at this point in the cycle. Rekt Capital says it is more likely that BTC has just hit a local bottom or that Bitcoin is witnessing a more shallow pullback.
“Is it possible that we will see the deepest correction not long after we have already seen the deepest correction of this cycle, right after the halving?
So this was around the end of April, beginning of May. We saw a record deep correction in this cycle. We got through the early 2023 pullback and it took a year and a half for that new record to be posted.
So to talk now about another record and another deep pullback occurring just a month and a half later, I think is a bit of a stretch. I don’t think we’re going to eclipse that retracement depth for the deepest retracement this cycle. I think it would be either this already being the bottom or a slight additional retreat.”
Bitcoin is trading for $60,784 at the time of writing, down more than 2% in the last 24 hours.
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