A crypto strategist who pulled off the pre-halving pullback for Bitcoin warns that (BTC) could correct to much lower levels.
The analyst under the pseudonym Rekt Capital tells According to its 79,900 YouTube subscribers, Bitcoin could fall more than 8% from its current value.
“What if we saw a deepest correction in the cycle, or at least equal to the deepest correction in the cycle of 23.8%. Then we would go to $55,000.”
However, the analyst believes a deeper decline is unlikely at this point in the cycle. Rekt Capital says it is more likely that BTC has just reached a local bottom, or that Bitcoin is witnessing a shallower pullback.
“Is that a possibility that we won’t see the deepest correction that long after we’ve already seen the deepest correction this cycle, just after the halving?
So that was around the end of April, beginning of May. We have seen a record-breaking deep correction in this cycle. We eclipsed the early 2023 decline and it took a year and a half for that new record to arrive.
So to now talk about a new record and a new deep setback happening just a month and a half later, I think that’s a little too far-fetched. I don’t think we’re going to eclipse that recoil depth for the deepest recoil in this cycle. I think this is either the bottom or a small additional pullback.”
Bitcoin is trading at $60,784 at the time of writing, down more than 2% in the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
