Popular cryptocurrency expert Cold Blooded Shiller has made a somber gesture x.com/ColdBloodShill/status/1779989005594939427″ target=”_blank” rel=”nofollow”>prediction that bitcoin may be on the verge of a significant correction and could fall by up to 30%, given the current increased volatility in the market.
bitcoin could be set for a 30% pullback
Cold Blooded Shiller believes it is important to note that bitcoin is holding up and is now showing much more strength, regardless of the different factors influencing the nascent sector.such as ETF, fundamentals and Halving.
Since 30% pullbacks are historically common for btc, Shiller foresees the possibility of this repeating this cycle. If the trend plays out, the price of btc could fall as low as $51,000 in the coming months.
The post said:
With the historical trend of producing -30% retracements, what happens to the outlook if btc declines towards a -30% correction and reaches $51,000?
Cold Blooded Shiller drew attention to an earlier post that offers investors ideas on how to take advantage of this development when it happens. Shiller is confident that btc could suffer from the aforementioned correction, and the impact on altcoins would likely be around -50%.
The expert believes that some investors They are eager to make profits in the bull cycle but neglect the risk involved in this period. “I keep referring to buying anywhere you want with risk management that supports a -30% drop and ensures you can continue to buy more,” he said.
Thus, the analyst has highlighted the need for investors to be well organized and understand what constitutes an environment full of opportunities in a bull market. His post encourages investors to re-evaluate their risk management and investment tactics to successfully navigate the ever-changing crypto landscape.
btc price continues to fall
The price of bitcoin continues to move lower, falling to $63,000 after a recovery witnessed on Monday. In the last 24 hours, the crypto asset has fallen 5%, causing a general collapse in the market.
At the time of writing, btc was trading at $63,854, indicating a decline of over 10% in the past week. In the last day, its trading volume increased by about 1%, while its market value fell by more than 5%.
Given the current trajectory of the crypto market, btc could see an even bigger drop in the coming days. Several analysts anticipate a new drop in prices before the Halving event in less than five days.
Featured image from iStock, chart from Tradingview.com
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