Bitcoin
Crypto Analyst Warns that Bitcoin (BTC) Is at Risk of a New Correction – Here’s Your Target
A cryptocurrency strategist who nailed Bitcoin’s pre-halving pullback warns that (Bitcoin) 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 cycle correction, or at least equal to the deeper 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 Bitcoin is witnessing a shallower 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 late April, early May. We saw a record deep correction in this cycle. We eclipsed the pullback from early 2023, and it took a year and a half for that new record to come in.
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 last 24 hours.
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