Renowned cryptocurrency expert Cold Blooded Shiller has raised concerns regarding a potential significant decline in the price of Bitcoin BTC/USD.

In a tweet on April 16, Shiller acknowledged Bitcoin’s current strength, attributing it to factors like ETFs, fundamentals, and the Bitcoin halving. Despite this, he expressed worry about Bitcoin’s historical tendency to undergo 30% pullbacks.

Shiller questioned the potential consequences if BTC were to experience a -30% correction and drop to the 51ks range. He emphasized that while many view Bitcoin’s current strength positively, the looming possibility of a major correction is a significant concern for him.

Additionally, Shiller discussed Bitcoin’s Renko chart analysis, noting that Bitcoin, which typically remains above the wave’s bottom, has now touched it. He mentioned that although Bitcoin has rebounded from the support level, it might be rejecting the underside of the wave as it curves over. According to Shiller, losing the $61,000 mark and the wave could pose challenges for Bitcoin.

It is essential to mention that a Renko chart is constructed based on price movement rather than standardized time intervals like most conventional charts.

In a separate development, Peter Schiff has predicted that Bitcoin ETFs could lead to its ‘biggest crash ever.’

Shiller’s remarks coincide with Bitcoin’s recent 8.6% weekly decline and a 6% loss for the month. Despite the price dip, daily active addresses have grown by 9.5% to 949,040, and large transaction volume has increased by 6.8% to $63.3 billion.

These insights from Shiller underscore the volatile and unpredictable nature of the cryptocurrency market, reminding investors to exercise caution and attentiveness.

As discussions within the crypto community persist regarding Bitcoin’s price fluctuations, it remains a focal point for both investors and analysts. In a rapidly evolving market, such perspectives are invaluable for navigating the unpredictable realm of cryptocurrencies.

Looking ahead, the upcoming Future of Digital Assets event by Benzinga on Nov. 19 will delve into exploring Bitcoin’s role as an institutional asset class.

For further insights, Coinbase’s Q2 Crypto Market Guide emphasizes the prominence of Bitcoin and Ethereum in the current market landscape.

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