Crypto Analyst Warns That Bitcoin (BTC) Is at Risk of Further Correction – Here’s His Target

A crypto strategist who nailed the pre-halving pullback for Bitcoin warns that (BTC) could correct to much lower levels.

The analyst pseudonymously known as Rekt Capital tells his 79,900 YouTube subscribers that Bitcoin could drop more than 8% from its current value.

“What if we were going see a deepest correction in the cycle, or at least equal to the deepest correction in the cycle of 23.8%. That would see us go to $55,000.”

However, the analyst believes that a deeper drawdown is unlikely at this point in the cycle. Rekt Capital says it is more likely that either BTC has just put in a local bottom or Bitcoin is witnessing a more shallow pullback.

“Is that a possibility that we see the deepest correction not too long after already seeing the deepest correction this cycle just after the halving?

So that was around late April, early May. We saw a record-breaking deep correction in this cycle. We eclipsed the early 2023 pullback, and it took a year and a half for that new record to come in.

So to now talk about another record and another deep retrace occurring only a month-and-a-half later, I think that’s a little bit too far-fetched. I don’t think we’re going to eclipse that retrace depth for the deepest retrace in this cycle. I think it would be either this being the bottom already or a slight additional pullback.”

Bitcoin is trading for $60,784 at time of writing, down more than 2% in the last 24 hours.

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