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<p>Popular crypto analyst CryptoCon <a href="https://x.com/CryptoCon_/status/1739670755594420533?s=20" target="_blank" rel="nofollow">posted</a> an update on Twitter today regarding his Bitcoin price predictions. He stated that he is “still sticking to” his claim that Bitcoin topped out around $45,000 a couple weeks ago.</p> 
<p>CryptoCon pointed to the crossing of the LMACD (Leading Moving Average Convergence Divergence) below the Descending Cycle Mid-Top Trend as further confirmation of his theory. As he explained,<em> “The mid-top typically brings a sizeable correction, which has been anywhere from 38% up to 52% (minus the 2020 black swan).”</em></p> 
<p>In other words, CryptoCon believes Bitcoin could be facing a significant pullback in the range of 38-52% from its recent high of around $45,000. That would put the potential bottom of the correction between around $26,000 down to $21,500.</p> 
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<p>He went on to state: <em>“For investors that haven’t taken advantage of Green Year Accumulation prices, this gives them another chance.” </em>So CryptoCon sees the potential correction as a buying opportunity for those looking to get into Bitcoin at lower prices.</p> 
<p>Additionally, CryptoCon predicted the correction<em> “typically ignites a sideways period, lasting about 5 – 6 months.” </em>By his estimate then, Bitcoin may not pick up steam again until May 2024 following an extended period of consolidation.</p>  
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<p>At press time, Bitcoin is trading around $42,500, down 2.5% on the day. So the leading cryptocurrency remains not far from the level CryptoCon has identified as a local top. He plans to continue analyzing the charts rather than betting on speculative events like the upcoming Bitcoin ETF proposals.</p> 
<p>I’ll continue to follow CryptoCon’s insightful analyses on Twitter and report back on whether his correction call plays out over the coming weeks and months. A 38-52% pullback from recent highs would certainly shake out many overleveraged longs, but could present high conviction investors with a compelling buying opportunity as well.</p> 
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<p>The post <a href="https://captainaltcoin.com/bitcoin-facing-potential-38-52-correction-according-to-crypto-analyst-heres-his-btc-outlook/">Bitcoin Facing Potential 38-52% Correction According to Crypto Analyst – Here’s His BTC Outlook</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Facing Potential 38-52% Correction According to Crypto Analyst – Here’s His BTC Outlook

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