Yi Lihua, founder of Liquid Capital, said Bitcoin has already fallen below $82,000 and now faces support at $79,000. Based on the pace of the decline over the past two days, he said the current pullback is not over and that he is leaning toward a break below $79,000 before watching price action near $75,000. Yi added that although he had expected a correction earlier, he did not open a short position because he still views the broader market as being in a bull trend. In his view, the current move is a normal pullback within a bull market rather than a shift in the larger trend. He said he will stick to a strategy of watching for corrections during a bull market without shorting, and wait patiently for the pullback to run its course before considering buying the dip. He also said he would not try to guess a bottom in advance, adding that market conditions and the broader environment continue to change.
On Oct. 9, BlockBeats reported that Yi Lihua, founder of Liquid Capital, said Bitcoin had lost the $82,000 level, with the next support zone at $79,000.
Citing the speed of the sell-off over the past two days, Yi said the current pullback has not finished. At this stage, he said he is more inclined to expect Bitcoin to fall below $79,000, after which he would watch market action around $75,000.
Yi also said that while he had previously expected a correction, he did not short the market because he still believes the broader trend remains bullish. He described the pullback as a normal fluctuation within a bull market. Yi said he would stick to his principle of watching pullbacks in a bull market without taking short positions, and wait patiently for the correction to fully play out before buying the dip. He added that he would not try to predict a specific entry price in advance, stressing that market conditions and the broader environment are always changing.
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