Bitcoin Could Crash 40% if This Support Level Fails to Hold
December 21, 2024 14:00 1 min. read
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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