Bitcoin Warning: Analyst Cautions Investors Amid Market Correction

A cryptocurrency expert and trader is sounding the alarm on Bitcoin (BTC) as the market experiences a significant correction.

In a video addressed to his 73,400 YouTube followers, the analyst, known as Rekt Capital, warns that Bitcoin is currently going through a correction, which is a common occurrence before the halving event.

“We have been discussing this danger zone for some time now, and we have witnessed a retracement within this zone. In fact, we are right in the middle of this danger zone, where we have been for about a month. We have already seen two pre-halving retracements.”

Based on previous Bitcoin cycles, the analyst explains that pre-halving corrections usually pave the way for a bullish phase.

“If we look at past cycles, we can see that around the halving event, there is typically a slowdown in momentum, a pullback before the parabolic upside begins. This has been the pattern in each cycle so far, and it will likely be the case in this cycle as well.”

When asked about the potential bottom for Bitcoin, the analyst states:

“Any pullback of around 20% is great for Bitcoin because that’s when we tend to see limited downside and extreme fear, which often indicates a financial opportunity. We are approaching that point, we are nearing the reversal point. However, we cannot pinpoint the exact bottom just yet.”

At the time of writing, Bitcoin is trading at $62,405.

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Disclaimer: The opinions expressed in The Daily Hodl are not financial advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers and trades you make are at your own risk, and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl engages in affiliate marketing.

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