Analysts and traders are warning against Bitcoin (BTC) as the flagship cryptocurrency falls double digits from its all-time high reached last month.
The analyst, known under the pseudonym Rekt Capital, told his 71,300 YouTube subscribers that Bitcoin is currently undergoing a correction ahead of its halving, which is scheduled to take place in just over two weeks.
“So this pre-halving retrace started about 30 days before the halving, so we're in the middle of the danger zone…
We are still in the danger zone and anything can happen. This is still volatility and should bring us closer to establishing a reaccumulation range at these highs.Therefore, the volatility around this danger zone is [between $73,800 and mid $60,000s] All still within historical norms. ”
The pseudonymous analyst said that it is “very unlikely that we will see a 40% decline in this cycle” for Bitcoin, similar to the severe correction that the flagship crypto asset underwent in the period before the 2016 halving. Says.
A 40% drop from its all-time high would bring Bitcoin's price down to around the mid-$40,000 range. According to Rekt Capital, the lowest level Bitcoin could fall to during this cycle is around $57,500.
“So it's 18% right now. If that's not the bottom, it's going to be around 20% or 22%. So it's not going to go much lower than this.”
At the time of writing, Bitcoin is trading at $66,112, down about 10% from its all-time high of about $73,800.
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