Bitcoin Price Pulls Back But Not Without First Turning BTC Skeptics into Believers


  • Bitcoin makes a retreat before “bull market can resume in a sustainable way”
  • Bitcoin Peak Cycle will be Much Faster this time
  • Everyone wants to get into BTCAfter climbing to the highest level at $8,390 today, Bitcoin is making a retreat. Breaking from the uptrend channel, BTC is now trading at $7,857 with 24-hours loss of 1.35 percent.

BTC/USD chart, Source: TradingView

From here the leading cryptocurrency might get a pullback that we have been reporting about. However, as experts have already called out, this retreat might just get us to see only about $5,500 level.

However, veteran derivative trader, Tone Vays is expecting a hard correction as he explains in an interview with BLOCKTV.

“I don’t see new buyers coming in. I don’t see new money coming in. It’s just current money. Could be the issues at Bitfinex, issues at Tether, issues at Binance. Whatever is driving this is making me nervous and I’m even selling off some of my hodl position because I think this is about to correct, and correct hard.”

The similar sentiment of a pullback is echoed by Adamant Capital’s Tuur Demeester.

“I think the market is getting ahead of itself right now. I think this is very unsustainable. And just like in these previous bull markets, we need to settle down a bit and then trade in a range sideways for a while. And then the bull market can resume in a sustainable way.”

However, despite this retreat, the market is extremely healthy, strong and still bullish.

Additionally, this rally even turned skeptics into crypto believers as Mark Mobius, an investor in developing nations and emerging economies who kept a cautious stance on crypto till now recently told Bloomberg,

“There's definitely a desire among people around the world to be able to transfer money easily and confidentially that is really the backing to bitcoin and other currencies of that type, so I believe it's going to be alive and well.”

Bitcoin Peak Cycle will be Much Faster this time

The Bitcoin price might be stuck at $8,000 for now, but the bullish sentiments are super strong. The mainstream media might be blowing the trumpet of ‘Bitcoin is back’, which is, of course, better than bitcoin is dead, but BTC has never gone anywhere.

The flagship cryptocurrency has been on its cycle that isn’t anything new as Bitcoin has already gone through three bullish cycles.

As crypto industry participants and experts have pointed out numerous times, the crypto winter has been rather good for the market as it resulted in weeding out the weaker hands while strong ones and builders only grew strong.

We have already reported how the market could be seeing its very first signs of spring that have turned the market green. According to Tom Lee, head of research at Fundstrat Global Advisors and Bitcoin bull, the Consensus Week that kicked off on May 13 played a huge role in Bitcoin’s current rally where it broke above $8,000 level.

Previously, in 2017, Consensus event drove BTC price higher as well but didn’t affect the market in 2018. However, in 2019, we did see the effects.

Lee shared that the approaching $10,000 level is what has the investors exciting which could lead even non-crypto traditional investors into crypto. And this new interest, he says, is what will help bring in the new all-time high.

This cycle could be a lot of faster than 12-18 months because

“the level of skepticism is so much higher”

Said Lee.

Bitcoin’s price is $48,606.55 BTC/USD exchange rate today. The real-time BTC market cap of $909.39 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $49.8 Billion and live coin value change of BTC -10.24 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$48,606.5493 change ~ -10.24%

Coin Market Cap

$909.39 Billion

24 Hour Volume

$49.8 Billion

24 Hour VWAP

$50.57 K

24 Hour Change

$-4,977.56

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