Were in the Thick of the Danger Zone Analyst Issues Bitcoin Alert, Predicts More Downside Risk for BTC

An analyst and trader is issuing a warning on Bitcoin (BTC) amid the flagship crypto assets double-digit pullback from an all-time high reached last month.

The analyst pseudonymously known as Rekt Capital tells his 71,300 YouTube subscribers that Bitcoin is currently experiencing a correction ahead of the halving scheduled to occur in a little over two weeks.

“So this pre-halving retrace began around 30 days before the halving and so we are in the thick of the danger zone…

Because we’re still in the danger zone anything can still go. This is still volatility that’s supposed to get us closer to establishing a re-accumulation range at these highs. So any volatility around this danger zone [between $73,800 and mid $60,000s] is still all within historical norms.”

The pseudonymous analyst says that its very unlikely that we’re going to see a 40% pullback in this cycle for Bitcoin, similar to the severe correction the flagship crypto asset underwent in the 2016 pre-halving period.

A 40% pullback from the all-time high would see Bitcoins price fall to a level around the mid-$40,000s. According to Rekt Capital, the lowest level Bitcoin could fall during this cycle is around $57,500.

“So 18% right now. If that’s not the bottom, we’d see a bottom around 20% or 22%. So it wouldn’t go much lower than this.”

Bitcoin is trading at $66,112 at time of writing, down by around 10% from the all-time high of about $73,800.


Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

This article was originally reported on The Daily Hodl.