Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution
April 16 2024 - 12:00PM
NEWSBTC
Popular cryptocurrency expert Cold Blooded Shiller has made a grim
prediction that Bitcoin may be on the verge of a significant
correction and could crash as low as 30%, given the current
heightened volatility in the market. Bitcoin Could Be Poised
For 30% Pullback Cold Blooded Shiller believes it is important to
note that Bitcoin is holding up and now showing much more strength,
regardless of the different factors influencing the nascent sector,
such as ETFs, fundamentals, and Halving. Related Reading: Analyst
Expects Bitcoin Price Correction To Persist, Targets $57,000
Support Given that pullbacks of 30% are historically common for
BTC, Shiller foresees the potential for this to repite this cycle.
Should the trend manifest, the price of BTC could fall as low as
$51,000 in the upcoming months. The post read: With the historical
tendency to produce -30% pullbacks, what happens to the landscape
if BTC does head down for a -30% correction and into the $51,000?
Cold Blooded Shiller drew attention to a previous post offering
investors insights on taking advantage of this development when it
happens. Shiller is confident that BTC might undergo the correction
mentioned above, and the impact on altcoins would likely be around
-50%. The expert believes some investors are eager to profit in the
bull cycle but neglect the risk involved in this period. “I keep
referencing buy anywhere you want with risk management that
supports -30% downside and ensure you can keep buying more,” he
stated. Thus, the analyst has stressed the need for investors to be
well organized and understand what constitutes an
opportunity-filled environment in a bull market. His post
encourages investors to reassess their risk management and
investing tactics to navigate the ever-changing crypto landscape
successfully. BTC Price Continues To Fall The price of Bitcoin
continues to move downward, falling to $63,000 after a recovery
witnessed on Monday. Over the last 24 hours, the crypto asset has
dropped by 5%, causing a general collapse in the market. Related
Reading: Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For
Market Dynamics At the time of writing, BTC was trading at $63,854,
indicating an over 10% decrease in the past week. On the last day,
its trading volume increased by roughly 1%, while its market value
fell by over 5%. Given the current trajectory in the crypto market,
BTC might suffer an even greater decrease in the next few days.
Several analysts anticipate a further price decline before the
Halving event in less than five days. Featured image from iStock,
chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024