Two Bitcoin masters said: “It will fall”! Businessman announced the price at which he will buy!

A crypto analyst familiar with Bitcoin’s pre-halving decline warns that BTC could fall to much lower levels. Well-known analyst Michaël van de Poppe also predicts that Bitcoin could fall before rising again. Meanwhile, famous US businessman David Portnoy, founder of Barstool Sports, plans to buy $10 million worth of Bitcoin if the price rises to this level.

Analyst: Bitcoin threatens further correction!

As you have already read Cryptocoin.comthe leading cryptocurrency Bitcoin, has managed to rise above $60,000 but is struggling to continue rising. This raises the question, “Is further decline to be expected?”. Rekt Capital, a veteran analyst, says that Bitcoin could fall by more than 8% from its current value. In this regard, the analyst said, “If we were to see either the deepest correction in the cycle or at least a correction equal to the deepest correction in the cycle of 23.8%. That would take us to $55,000.”

Analysts believe that in a cycle where Bitcoin is trending bearish, a deeper drop is unlikely. Rekt Capital says a local bottom or a shallower decline is more likely. In a previous bearish cycle in late April and early May, there was a deep correction that surpassed the deepest correction in the current bearish cycle. According to analysts, a deeper drop from this level is highly unlikely. However, a milder drop or the current level is already considered a bottom.

Michaël van de Poppe expects a decline before an increase

Popular analyst Michaël van de Poppe discusses the leading cryptocurrency Bitcoin (BTC) after recent developments. Van de Poppe warns that BTC may fall before it rises again. Accordingly, the analyst said: “This will probably be the case with Bitcoin. Preferably, we scan the $60,000 area where the bullish divergence started. With the upcoming Ethereum ETF listing, a reversal could occur starting next week.”

David Portnoy shares new Bitcoin strategy

Well-known US businessman David Portnoy, founder of Barstool Sports, hinted at his Bitcoin strategy in a video posted on his X account. In this regard, Portnoy revealed the price level at which he would be willing to buy more BTC. As a long-term investor, Portnoy sees no reason to buy at a price level of $60,000-$61,000. If the price falls below $50,000, Portnoy plans to buy $5-10 million worth of BTC.

According to data from CryptoQuant, ultra-long-holding holders are currently selling Bitcoin, anticipating a stronger bull market and seeing no reason to stay in the asset when BTC prices fall.

According to IntoTheBlock, long-term Bitcoin (BTC) holders sold nearly $10 billion worth of BTC in May 2024. But that pace slowed down in June, when holders sold more than 40,000 BTC. Last week, Bitcoin faced some major challenges. Just two days before the end of the first quarter, the cryptocurrency failed to break through the resistance level and fell below $60,000.

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