Bitcoin

April

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Price Drop</a><br></p>
<p style="text-align: justify">A well-known <a href="https://en.bitcoinhaber.net/bitcoin-declines-as-altcoins-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>, Rekt Capital, has issued a warning regarding a possible significant price correction for Bitcoin (BTC). The analyst, who previously forecasted Bitcoin’s pullback before its block reward halving, now suggests that the leading cryptocurrency might experience a price drop exceeding 8% from its current value.</p>
<h2 id="will-bitcoin-face-a-deep-correction">Will Bitcoin Face a Deep Correction?</h2>
<p style="text-align: justify">Rekt Capital pointed out that if Bitcoin undergoes a correction comparable to the deepest one of 23.8% in this cycle, its price could fall to approximately $55,000. This prediction is based on historical trends identified in Bitcoin’s price behavior during similar market phases. However, the analyst mentioned that such an extreme scenario might not necessarily happen.</p>
<p style="text-align: justify">The possibility of a steep decline exists, but it is not the most probable outcome at this point in the cycle, according to the analyst. He indicated that Bitcoin might have already reached a local bottom or could be experiencing a milder correction. The deepest correction in this cycle took place between late April and early May, surpassing previous pullbacks, including a major correction at the start of 2023.</p>
<h2 id="how-likely-is-another-major-decline">How Likely is Another Major Decline?</h2>
<p style="text-align: justify">Rekt Capital observed that it took nearly six months for the recent deep correction to exceed the prior one. Thus, he considers another record-breaking correction unlikely to happen so soon, merely a month and a half after the last. He believes it is more realistic to expect either the current level to mark the bottom or for Bitcoin to undergo a slight additional pullback. Investors should be ready for these possibilities.</p>
<h2 id="investor-insights">Investor Insights</h2>
<ul>
 <li>Monitor Bitcoin’s price closely for signs of either a bottom formation or a mild pullback.</li>
 <li>Prepare for potential market volatility, especially if historical patterns repeat.</li>
 <li>Consider diversifying to mitigate risk associated with Bitcoin’s price fluctuations.</li>
</ul>
<h2 id="current-state-of-bitcoin">Current State of Bitcoin</h2>
<p style="text-align: justify">As of now, BTC is trading at $60,958, showing a 0.43% increase in the last 24 hours. The price has dropped more than 5% over the past week, leading to concerns among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> about the potential for further declines.</p>
<p style="text-align: justify">Despite these concerns, Rekt Capital’s analysis suggests that while significant corrections are common in Bitcoin’s market history, the chance of another major short-term decline remains low.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Price Drop</a></h5>

Analyst Predicts Bitcoin Price Drop

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