A cryptocurrency expert and trader is cautioning investors about the current state of Bitcoin (BTC) as the market undergoes a significant correction. Rekt Capital, the analyst known by a pseudonym, is advising his 73,400 YouTube followers that Bitcoin is currently going through a correction, which is a common occurrence leading up to the halving event. He explains that the market is currently in a “danger zone” that has been discussed for some time, and there have already been two retracements before previous halvings. Based on past Bitcoin cycles, these pre-halving corrections typically pave the way for a bullish phase. Rekt Capital points out that around the halving, there is usually a slowdown in momentum and a pullback before the price starts to rise rapidly. He expects this pattern to continue in the current cycle as well. When asked about the possible bottom for Bitcoin, the analyst states that a 20% pullback would be ideal because it often leads to limited downside and creates an environment of extreme fear, which is usually followed by financial opportunities. While the market is approaching that point, it is uncertain where the bottom will actually be. At the time of writing, Bitcoin is trading at $62,405. As a reminder, this information is not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other digital assets.
