Trader says BTC is unlikely to plunge to $78K in the near term

Crypto trader Jason Leo, who has about 122,000 followers on X, said Bitcoin is unlikely to fall straight to $78,000 from current levels in the near term and sees even lower odds of a drop to $74,000. Leo said BTC has corrected only about 5% even as macro headwinds have piled up, including rising U.S. Treasury yields, the possibility of another rate hike this year, and pressure from oil prices and inflation. Leo added the market’s reaction to negative factors matters more than the factors themselves. Leo also said Leo plans to reduce positions if BTC falls below $79,000 and exit all remaining long positions if the daily close finishes under $78,000.