Bitcoin Analyst Predicts Deep Correction, But Bull Market Continues
A well-known crypto strategist suggests that Bitcoin (BTC) is due for a significant correction that may make traders believe the bull market has come to an end. According to the pseudonymous analyst Rekt Capital, who has a substantial following on social media, the Bitcoin bull market is not over yet.
However, Rekt Capital believes that BTC will experience a deep retracement that will make bullish traders doubt their current positions. The analyst states that Bitcoin will retrace enough to convince you that the bull market is finished, only to resume its upward trend.
Possible Breakdown Point
Rekt Capital looks at Bitcoin’s weekly chart and suggests that if BTC closes the week below $41,325, it could trigger a significant correction. Losing this support level would initiate the breakdown process.
Potential Correction Before Halving
The analyst also presents a chart indicating that BTC may correct to approximately $35,000 before the next halving in April 2024 when miners’ rewards are halved.
Long-Term Optimism
Despite his short to mid-term bearish view on BTC, Rekt Capital remains optimistic about Bitcoin’s long-term prospects. The analyst believes that two key catalysts, the BTC ETF and the halving, will have a positive impact on the cryptocurrency’s price in the coming months. Similar to the gold ETF, these catalysts tend to affect prices in the long term.
Currently, Bitcoin is valued at $41,570.
Hot Take: Bitcoin Faces Correction, but Bull Market Persists
A crypto strategist warns that Bitcoin is poised for a substantial correction that may deceive traders into thinking the bull market is over. However, despite this short-term setback, the analyst maintains a positive outlook on Bitcoin’s long-term future. While BTC may experience a deep retracement and potentially correct to around $35,000 before the halving in 2024, the strategist believes that two significant catalysts—the BTC ETF and the halving—will ultimately push Bitcoin’s price higher in the coming months. Therefore, although volatility and corrections are expected, the overall trend for Bitcoin remains bullish.
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