Popular cryptocurrency expert Cold Blooded Shiller has made grim prediction that Bitcoin may be on the verge of a significant correction and could even crash by 30% given the current increased volatility in the market.
Bitcoin Could Be Poised for a 30% Pullback
Cold Blooded Shiller believes that it is important to note that Bitcoin is holding its ground and is now showing much more strength regardless of the various factors affecting the emerging sector.such as ETFs, fundamentals and halving.
Considering that a 30% pullback is historically common for BTC, Shiller foresees the potential for this to repeat this cycle. Should the trend materialize, the price of BTC could drop to $51,000 in the coming months.
The message read:
What happens to the landscape if BTC faces a -30% correction and heads towards $51,000, given its historical tendency to cause a -30% pullback?
Cold Blooded Shiller drew attention to an earlier post that provided investors with insights on how to benefit from this development when it occurs. Shiller is confident that BTC could experience the correction mentioned above, and that the impact on altcoins would likely be around -50%.
The expert believes something about it investors are eager to benefit from the bull cycle, but ignore the risk this period brings. “I continue to refer to buying wherever you want, with risk management that supports a -30% downside and allows you to continue buying more,” he stated.
Thus, the analyst has emphasized the need for investors to be well organized and understand what an opportunity-rich environment entails in a bull market. His post encourages investors to reassess their risk management and investment tactics to successfully navigate the ever-changing crypto landscape.
BTC price continues to fall
The price of Bitcoin continues to decline, falling to $63,000 after a recovery seen on Monday. Over the past 24 hours, the crypto asset has fallen by 5%, causing a general market collapse.
At the time of writing, BTC was trading at $63,854, indicating a decline of more than 10% in the past week. On the last day, trading volume increased by about 1%, while the market value fell by more than 5%.
Given the current trajectory of the crypto market, BTC could see an even bigger drop in the coming days. Several analysts expect a further price drop before the halving in less than five days.
Featured image from iStock, chart from Tradingview.com
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