It has been revealed that Bitcoin could see a price correction soon. Check out the latest reports about this below.
Bitcoin price prediction is here
Crypto analyst Justin Bennett, who is widely followed, has issued a warning about Bitcoin (BTC) amidst the cryptocurrency’s massive rally in 2021.
Bennett notes that Bitcoin has experienced significant corrections twice in each of its last two halving cycles: once in 2015 and 2016, and again in 2019 and 2020.
Therefore, a correction of around 43% from its current level should not be ruled out. Bennett’s chart suggests that Bitcoin could reach up to around $50,000 before reversing course.
“It’s been a hell of a run from BTC, and it may very well continue without a significant correction in the short term.
But the last two bear markets ended with a second capitulation.
Will this time be different?
Maybe, but don’t rule out a $25,000 liquidity sweep.”
Bitcoin is currently trading at $43,146, and it is expected to undergo its next halving cycle in April 2024.
However, Bennett, a crypto analyst, is not convinced that the crypto markets are currently in a bullish phase. He cites several reasons for his lack of conviction.
According to Bennett, the macroeconomic landscape is different this time than in any other crypto bull market.
Additionally, the big-name stocks that have driven the recent push are trading at steep long-term premiums, which is unlike previous cycle starts where they were trading at discounts.
Bennett’s bearish thesis for Ethereum (ETH), the second-largest crypto asset by market cap, remains unchanged. He predicts that ETH could fall around 67% from its current level.
