Bitcoin Aiming for “Shit Starts to Get Real” Level, Get Ready for a Surge of Over 150% Returns
- BTC currently in wave D, wave E will take us to $9,400 level
- 153% reward of 30% pullback incoming?
We have less than a week left in the spectacular month, May that saw us going from around $5,290 to just about $8,400 right in the middle of the month. Since then, we have dropped down to $6,200 and recovered back above $8,000. However, we have yet to see any strong upward movement from this level again as we have been constantly struggling here, seeing frequent ups and downs.
In the past 24-hours, after going just about $7,500 level, with 3 percent gains we have jumped to $8,000 mark again. At the time of writing, BTC/USD has been trading at $7,972 while managing the daily trading volume of $23 billion, per Coinmarketcap and $868 million, as per Messari’s Real 10, 24 hours trading volume.
In the past 7 days, Bitcoin is over 9 percent while till date in 2019, the flagship cryptocurrency has surged 113 percent.
$BTC impresses time and time again.
It's awe-inspiring to look at.
Can't wait to see where it goes this time. pic.twitter.com/WthX9P5WFN
— DonAlt (@CryptoDonAlt) May 23, 2019
According to market analyst and trader Benjamin Blunts, the last few days have been the quiet ones because the market has been just “chopping away.” Bitcoin hasn't been able to make any strong moves and still trading within a triangle.
Per the nebulas lines drawn by Blunts, Bitcoin can next drop down to $7,800 level, only to climb upwards to about $8,000 and then back to about $7,600 level, movements that we have been seeing in the crypto market for the past week.
Currently, we are in wave D and this move to $7,600 will be the final E. Now, this would be the point where as Blunts puts it, “shit starts to get real” as bulls will yet again take charge of the world's top cryptocurrency and surge to $9,400 level.
The Reward of Buying Pullbacks
Recently, we reported crypto trader and investor Josh Rager sharing how during the 2017 bull run, we saw at least a drop 30 percent nine times, which means we will be able to get plenty of opportunities to buy the dip and load up more BTC.
These falls have been around 25 to 42 percent which can be expected to take place in the next bull cycle that we might be at the beginning of. But these falls will also bring in rewards with it as Rager points out these 30 percent pullbacks during the last uptrend resulted in the average gain of 153 percent before the next strong pullback.
These surges have been between the range of 80 to 234 percent. Though Rager was originally eyeing $9200 to $9,600, it is possible the decline of 24 percent when BTC went from $8400 top to $6,300 drop could be the correction that would lead to a 153 percent return.
A 153% return will take us over $15,000 and even cross $16,000 level. So, it will be interesting to see if this is the point, when we go above $10,000 and then $15k or another drop is incoming before we shoot up.