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Bitcoin Could Crash 40% if This Support Level Fails to Hold
December 21, 2024 14:00 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
A well-known crypto analyst, known for his accurate predictions, is now highlighting a potential downside for the asset amid the recent correction.
The crypto expert, known as Rekt Capital, explained that while Bitcoin is currently in an upward trend, historical patterns suggest that a further decline is possible.
Rekt Capital pointed out that Bitcoin often experiences upward momentum, but it is typically followed by pullbacks, especially in the later weeks of a cycle. He warned that Bitcoin, which is now in what he calls “week seven,” could face a significant drop if it fails to maintain the $97,000 support level on the weekly chart.
If Bitcoin loses that key level, the analyst believes it could trigger a larger corrective phase, potentially signaling the start of a more substantial pullback.
Drawing on past cycles, the analyst projected that Bitcoin’s price could drop anywhere between 29% and 40% before potentially recovering.
He noted that similar price retracements, such as 34% in 2016 and 2017, have occurred during previous market cycles, underscoring the possibility of a deeper pullback before the next rally.
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