According to a cryptoanalyst, Bitcoin is in the "danger zone" - this is his prediction.
A cryptocurrency analyst and trader issues a warning on Bitcoin (BTC) amid a major market correction.
An analyst with the moniker Rekt Capital tells his 73,400 YouTube followers that Bitcoin is currently going through a correction that usually occurs before a halving.
“So we've been talking about that danger zone for a while, and we've seen a pullback in that danger zone. And, in fact, we are in the very center of this danger zone, we have been in this danger zone for about a month. And we've already seen two re-tracks to the half."
According to the pseudonymous analyst, given Bitcoin's previous cycles, corrections before slowdowns usually set the stage for a bullish phase.
“You can see that around the double, we usually see the momentum slow down for a while, a pullback, before we start parabolic growth. And so it has been in every cycle so far, and probably it will be so in this cycle as well."
On when Bitcoin might bottom out, a pseudonymous analyst says:
“Anything close to a 20% pullback is fantastic for Bitcoin because that's usually where we see limited downside, and that's also where we usually see the extreme fear that tends to precede financial opportunities.
So we're getting to that point, we're getting to the tipping point. But we don't quite know exactly where the bottom is."
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