Crypto Analyst Warns That Bitcoin (BTC) Is at Risk of Further Correction –
A crypto strategist who nailed the pre-halving pullback for Bitcoin warns that (BTC) could correct to much lower levels.
The analyst pseudonymously known as Rekt Capital tells his 79,900 YouTube subscribers that Bitcoin could drop more than 8% from its current value.
“What if we were going see a deepest correction in the cycle, or at least equal to the deepest correction in the cycle of 23.8%. That would see us go 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 either BTC has just put in a local bottom or Bitcoin is witnessing a more shallow pullback.
“Is that a possibility that we see the deepest correction not too long after already seeing the deepest correction this cycle just after the halving?
So that was around late April, early May. We saw a record-breaking deep correction in this cycle. We eclipsed the early 2023 pullback, and it took a year and a half for that new record to come in.
So to now talk about another record and another deep retrace occurring only a month-and-a-half later, I think that’s a little bit too far-fetched. I don’t think we’re going to eclipse that retrace depth for the deepest retrace in this cycle. I think it would be either this being the bottom already or a slight additional pullback.”
Bitcoin is trading for $60,784 at time of writing, down more than 2% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
This article was originally published by a dailyhodl.com
Read it HERE
