BTC Price Correction Likely To Hit $40,000, Expert Says

IconCryptoNewsTerminal Staff03 Jul, 2024

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BTC Price Correction Likely To Hit $40,000, Expert Says

Andrew Kang, co-founder of crypto investment firm Mechanism Capital, has predicted that the ongoing crypto market correction could drive Bitcoin's (BTC) price down to the $40,000 range. In a recent interview, Kang compared the current market conditions to those seen in May 2021, when BTC fell from an all-time high of over $64,000 to around $30,000. However, this time, Kang noted that the market has not yet experienced the "cascade of crypto futures liquidations" that occurred during the May 2021 crash. Given this, Kang believes that his previous BTC price target of $50,000 was too conservative. He now expects the correction to extend further, into the $40,000 range. Such a correction would likely hurt the market significantly and could require several months for digestion. Kang's analysis suggests that the current crypto market correction is likely to continue for some time. Investors should be aware of the potential for further downside and adjust their trading strategies accordingly.

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