A cryptocurrency strategist who accurately predicted the pre-halving pullback for Bitcoin is now warning that BTC could potentially correct to much lower levels. Rekt Capital, an analyst with a significant following on YouTube, believes that Bitcoin could drop by more than 8% from its current value, potentially reaching $55,000.
Despite this warning, Rekt Capital also suggests that a deeper drawdown is unlikely at this stage in the cycle. The analyst believes that Bitcoin has either already hit a local bottom or is experiencing a more shallow pullback. Rekt Capital points out that the deepest correction in the current cycle occurred shortly after the halving in late April/early May, and it is unlikely that another record-breaking correction will occur just a month-and-a-half later.
As of the time of writing, Bitcoin is trading at $60,784, showing a decrease of more than 2% in the last 24 hours. While the cryptocurrency market remains volatile, Rekt Capital’s analysis provides valuable insights for investors looking to navigate the ups and downs of the market.
It’s important for investors to stay informed and exercise caution when making investment decisions in Bitcoin and other cryptocurrencies. The Daily Hodl reminds readers to conduct their own research and due diligence before engaging in high-risk investments. Remember that all transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not provide investment advice or recommend buying or selling cryptocurrencies.