Top Analyst Issues Bitcoin Alert, Suggests Crypto Could Witness 2015-Style Correction

According to pseudonymous trader Rekt Capital, if Bitcoin BTC/USD repeats its 2015 price action, it could go through a significant correction. 

In a tweet on Friday, Rekt said Bitcoin's price could drop even further.

If #BTC is to experience a 2015-like retest of the Macro Downtrend...

Then price can still drop even deeper than what we've seen thus far$BTC #Crypto #Bitcoin pic.twitter.com/jlXVUvxUN0

— Rekt Capital (@rektcapital) May 12, 2023

Rekt explained that Bitcoin could plunge to its critical psychological support at around $20,000 if the crypto trades below resistance at $27,000.

Readers of the Rekt Capital Newsletter have known about the #BTC Head & Shoulders for ~2 weeks$BTC 1D Close sub-Neckline (black) -> partial breakdown

Flip $27k to resistance -> full breakdown confirmation

Sign up to the Newsletter:https://t.co/wE8t5jUCxe#Crypto #Bitcoin pic.twitter.com/8bkhHO2yuc

— Rekt Capital (@rektcapital) May 12, 2023

However, the crypto analyst said that Bitcoin still needs to reclaim the $28,800 level on the weekly.

#BTC has failed to reclaim the $28800 level on the Weekly already

And a $BTC Weekly Close below $27000 would likely enable further downside into the lows $20000s#Crypto #Bitcoin https://t.co/2g0F6RpZ5L pic.twitter.com/e7mjI0tGQP

— Rekt Capital (@rektcapital) May 12, 2023

Rekt also said that Bitcoin is flashing a bearish signal on the daily timeframe as it now trades below the neckline of a head-and-shoulders pattern at $27,000. 

Also Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024

He added that BTC’s inability to reclaim $27,000 as support would likely confirm a reversal pattern.

At the time of writing, Bitcoin was trading at $27,032, about 7 percent down in the last seven days. 

Meanwhile, another crypto analyst Tone Vays said that the chances of Bitcoin surging by over 30% from the current levels are higher than the probability of the crypto asset plunging to around $22,000. 

Now Read: Analyst Predicts Bold Future For Bitcoin Amid Major Move From Central Banks

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