Analyst Predicts Bitcoin Correction That Will Fool Traders into Thinking Bear Market Has Begun – Here’s His Forecast
A highly regarded crypto strategist has voiced his belief that Bitcoin (BTC) will experience a correction significant enough to make traders question whether a new bear market has commenced. Rekt Capital, a pseudonymous analyst, recently shared with his extensive following on the X social media platform that he sees the Bitcoin bull market as far from over.
While expressing his confidence in the continued upward trajectory of Bitcoin, Rekt Capital anticipates a substantial correction that will prompt BTC bulls to reassess their current positions. He states, “Bitcoin will retrace deep enough to convince you that the bull market is over. And then it will resume its uptrend.”
Rekt Capital suggests that if BTC closes the week below $41,325, the correction will likely gather momentum. He notes, “BTC is losing the range low as support. This is not confirmed yet, however. A weekly close below the range low is needed as previously price would downside wick here. Weekly close below the range low would kickstart the breakdown process.”
The analyst also shares a chart indicating that BTC may correct to approximately $35,000 before the next halving, which is set to occur in April 2024 and results in a reduction of miners’ rewards.
Despite his short to mid-term bearish sentiment, Rekt Capital remains optimistic about Bitcoin’s long-term prospects, pointing out two key catalysts that could boost its price in the months ahead. He draws a parallel between the impact of the BTC ETF (exchange-traded fund) and the halving, asserting that both have long-term effects on price and take many months to materialize. He cites the gold ETF as an example of how an ETF can influence price over time.
As of now, Bitcoin is valued at $41,570.