A cryptocurrency strategist who accurately predicted Bitcoin’s pre-halving pullback now warns of potential further declines for the digital currency.

Rekt Capital, the analyst known by that pseudonym, recently addressed his audience of 79,900 YouTube subscribers, suggesting Bitcoin could retreat by more than 8% from its current value. He highlighted the possibility of a significant correction, possibly matching or exceeding the cycle’s deepest downturn of 23.8%, which would see Bitcoin plummet to $55,000.

However, Rekt Capital also expressed skepticism about the likelihood of such a severe downturn occurring at this stage of the cycle. He suggested it’s more probable that Bitcoin has already found its lowest point or is experiencing a more moderate pullback.

“Could it be that we’ve already witnessed the deepest correction shortly after the halving event? In late April and early May, we observed a historically deep correction surpassing the pullback seen in early 2023, marking a new record after a year and a half. It seems unlikely to break this record again so soon. I don’t foresee us surpassing that depth in this cycle; it’s either this is the bottom or a slight further pullback,” he explained.

As of the latest update, Bitcoin is trading at $60,784, reflecting a decrease of over 2% in the past 24 hours.

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