Bitcoin Breaks Below $81,000 Support, Liquid Capital Founder Sees Further Drop Before Rebound
Summary
- Yi said Bitcoin had decisively broken below the $81,000 support level, but could rebound quickly after further declines.
- He said Bitcoin's next move could resemble the Bitcoin bull run three years ago, with the cryptocurrency falling to a certain level before rebounding quickly and beginning a new uptrend.
- He stressed the opportunity to buy the dip, but urged investors to avoid futures trading and seek profits from moves in the spot price alone.
Forecast Trend Report by Period
Jack Yi, founder of Liquid Capital, said Bitcoin could stage a swift rebound after an additional decline.
In a post on X on Oct. 14, Yi wrote that Bitcoin had "clearly broken below the strong $81,000 support level." The focus now, he said, is identifying the price at which investors can step in to buy the dip.
He said he had advocated buying the dip around July and August and had maintained in October that a correction was likely. The key, he added, is to stick to pre-set principles rather than get shaken out by short-term moves.
Yi said Bitcoin's next move could resemble the bull run three years ago. He said he believes the cryptocurrency will fall to a certain level, then rebound quickly and begin a new uptrend. Investors who hesitate to buy the dip could miss another entry opportunity, he added.
Still, he urged investors not to trade futures even if they expect a rebound. If they have the skill, he said, they can generate enough profit from moves in the spot price alone. He also said he is considering disclosing his spot trading process in real time on some platforms in the future. "Getting rich slowly is also a skill," he added.
