A crypto analyst and trader using the pseudonym Rekt Capital believes that Bitcoin (BTC) may have reached new lows after the price dropped to $50,000.
Capital Rekt to his 74,900 YouTube subscribers that Bitcoin’s latest correction was the deepest correction of the cycle. This shows that it is unlikely that there will be any further decline.
“This correction is the deepest correction in this cycle so far. This is deeper than the 23% correction we saw at the start of 2023. It is now 24% deeper, so we know this is the deepest for a while.”
Given the severity of the correction, Rekt Capital believes that Bitcoin is likely to bottom out at this price level and begin a rally again. He gave further reasons why he believes prices may have bottomed: This is the longest correction yet, at around 50 days.
“I don’t think the price is likely to fall much further, so the risk-reward ratio is definitely in favor of the bulls at the moment. As for the lowest price Because we are seeing the depth of the deepest contraction in this round of correction…”
“We saw a deep correction. We saw a long correction. How much more can the price go down? How long will it last? We are very close to finishing it. Based on the contraction in this round.”
Bitcoin is trading at $61,400 at the time of writing. An increase of more than 4% in the last 24 hours.
Source: dailyhodl
#Analysts #predicting #price #Bitcoin #hit #hitting
