Crypto Analyst Warns That Bitcoin (BTC) Is at Risk of Further Correction – Here’s His Target
A crypto strategist who nailed the pre-halving pullback for Bitcoin warns that (BTC) might appropriate to a lot decrease ranges.
The analyst pseudonymously often called Rekt Capital tells his 79,900 YouTube subscribers that Bitcoin might drop greater than 8% from its present worth.
“What if we had been going see a deepest correction within the cycle, or at the least equal to the deepest correction within the cycle of 23.8%. That will see us go to $55,000.”
Nonetheless, the analyst believes {that a} deeper drawdown is unlikely at this level within the cycle. Rekt Capital says it’s extra doubtless that both BTC has simply put in a neighborhood backside or Bitcoin is witnessing a extra shallow pullback.
“Is {that a} risk that we see the deepest correction not too lengthy after already seeing the deepest correction this cycle simply after the halving?
In order that was round late April, early Might. We noticed a record-breaking deep correction on this cycle. We eclipsed the early 2023 pullback, and it took a yr and a half for that new report to come back in.
So to now speak about one other report and one other deep retrace occurring solely a month-and-a-half later, I believe that’s just a little bit too far-fetched. I don’t suppose we’re going to eclipse that retrace depth for the deepest retrace on this cycle. I believe it will be both this being the underside already or a slight further pullback.”
Bitcoin is buying and selling for $60,784 at time of writing, down greater than 2% within the final 24 hours.
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