LD Capital’s Jack Yi Says Bitcoin Correction Isn’t Over, Sees High Odds of Drop Below $79,000
Summary
- LD Capital’s Jack Yi said Bitcoin is highly likely to fall below $79,000.
- He said that if Bitcoin drops below $79,000, he will further monitor price action around $75,000.
- He said the market remains in a bull market trend and that he will wait until the correction has progressed sufficiently before considering buying the dip.
Jack Yi, founder of LD Capital, said Bitcoin is highly likely to fall below $79,000 in the near term.
BlockBeats reported on October 9 that Yi wrote on social media that Bitcoin had slipped below $82,000 and that the next support level was $79,000. He added that, given the speed of the decline over the past two days, the current correction is not yet over. If Bitcoin falls below $79,000, he said he would then watch price action around $75,000.
Yi said he has not taken a short position. He views the broader market as still being in a bull trend, making the current pullback a normal move within a bull market. He added that even when he expects a correction during a bull market, he does not take short positions. Instead, he plans to wait until the correction has progressed far enough before considering buying the dip.
