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 (BTC) could correct to much lower levels.
The analyst known pseudonymously as Rekt Capital account its 79,900 YouTube subscribers said Bitcoin could fall more than 8% from its current value.
“What if we saw a deeper in-cycle correction, or at least equal to the deepest in-cycle correction of 23.8%. That would bring 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 this a possibility that we will see the deepest correction not long after we have already seen the deepest correction in this cycle right after the halving?
So this was around the end of April, beginning of May. We have seen a record deep correction this cycle. We eclipsed the pullback from early 2023, and it took a year and a half for this new record to arrive.
So to talk now about another record and another deep setback that occurred just a month and a half later, I think is a little far-fetched. I don’t think we will eclipse the retracement depth for the deepest retracement of this cycle. I think that would be the bottom or a slight additional pullback.”
Bitcoin is trading at $60,784 at the time of writing, down more than 2% in the past 24 hours.
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