A crypto strategist who nailed the pre-halving pullback for Bitcoin warns that (BTC) may appropriate to a lot decrease ranges.
The analyst pseudonymously referred to as Rekt Capital tells his 79,900 YouTube subscribers that Bitcoin may drop greater than 8% from its present worth.
“What if we had been going see a deepest correction within the cycle, or a minimum of equal to the deepest correction within the cycle of 23.8%. That may see us go to $55,000.”
![](https://dailyhodl.com/wp-content/uploads/2024/06/rekt1.jpg)
Nevertheless, the analyst believes {that a} deeper drawdown is unlikely at this level within the cycle. Rekt Capital says it’s extra seemingly that both BTC has simply put in a neighborhood backside or Bitcoin is witnessing a extra shallow pullback.
“Is {that a} chance that we see the deepest correction not too lengthy after already seeing the deepest correction this cycle simply after the halving?
In order that was round late April, early Could. We noticed a record-breaking deep correction on this cycle. We eclipsed the early 2023 pullback, and it took a 12 months and a half for that new document to return in.
So to now discuss one other document and one other deep retrace occurring solely a month-and-a-half later, I feel that’s somewhat bit too far-fetched. I don’t suppose we’re going to eclipse that retrace depth for the deepest retrace on this cycle. I feel it will be both this being the underside already or a slight extra pullback.”
Bitcoin is buying and selling for $60,784 at time of writing, down greater than 2% within the final 24 hours.
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