A renowned crypto strategist, known as Rekt Capital, who accurately predicted the pre-halving pullback for Bitcoin, is now warning that the cryptocurrency could experience a significant correction. With a subscriber base of 79,900 on YouTube, Rekt Capital predicts that Bitcoin could potentially drop by over 8% from its current value.
Rekt Capital suggests that there is a possibility of witnessing the deepest correction in the current cycle, which would be equivalent to a 23.8% decline, bringing Bitcoin’s price down to $55,000.
However, the analyst also believes that a more severe drawdown is unlikely at this stage in the cycle. Rekt Capital suggests that it is more probable for Bitcoin to have already reached a local bottom or to experience a less significant pullback.
Rekt Capital points out that the likelihood of witnessing another record-breaking deep correction so soon after the previous one, which occurred in late April or early May, is far-fetched. It took a year and a half for the previous record to be surpassed, making it unlikely for another deep retrace to occur within just a month and a half. Rekt Capital speculates that this could either be the bottom or a minor additional pullback.
Currently, Bitcoin is trading at $60,784, reflecting a decrease of over 2% in the past 24 hours.
Please note that the opinions expressed by Rekt Capital are not investment advice. Investors should conduct their own research and analysis before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. It is important to understand that any transfers or trades made are at the individual’s own risk, and any resulting losses are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
