A cryptocurrency strategist has predicted a pullback for Bitcoin before the halving, warning that Bitcoin (BTC) could correct to lower levels.
The analyst, known as Rekt Capital, told his 79,900 YouTube followers that Bitcoin could drop by over 8% from its current value.
“What if we were to see the deepest correction within the cycle, or at least equal to the 23.8% deepest correction within the cycle? That would take us towards $55,000.”
Source: Rekt Capital/YouTube
However, the analyst believes that a deeper retracement is less likely at this point in the cycle. Rekt Capital suggests that it’s more probable that Bitcoin has just bottomed out, or is undergoing a shallower pullback.
“Could we see the deepest correction of this cycle shortly after the halving? That’s towards late April, early May. We saw a record-breaking deep correction within this cycle. We’ve surpassed the retracement from early 2023, which took one and a half years to materialize. So, talking about another record and another deep retracement just one and a half months later, I think that’s a bit of a stretch. I don’t think we’ll exceed the depth of the retrace from this cycle. I think it’s either the bottom or a minor additional pullback.”
At the time of writing, Bitcoin was trading at $60,784, marking a decrease of over 2% in the past 24 hours.
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