A crypto analyst known as Rekt Capital has warned that Bitcoin (BTC) is currently in a “danger zone” characterized by a significant market correction.
Pre-Halving Retracements
According to Rekt Capital, pre-halving corrections are common in Bitcoin’s history. He notes that these corrections typically occur before a period of bullish growth.
Bottoming Out
Rekt Capital believes that Bitcoin could bottom out at a 20% pullback. This level is significant because it often marks a point of limited downside and extreme fear, which can precede a financial opportunity.
Current Outlook
As of writing, Bitcoin is trading at $62,405. Rekt Capital acknowledges that the exact bottom is unknown but suggests that Bitcoin is approaching a potential reversal point.
