Bitcoin: Strong Pullbacks of “at Least 30%” on the Way to Next Peak ATH if History Repeats
- Is a 30% BTC price pullback incoming?
- Previous accumulation & uptrend cycle had at least nine 30%+ pullbacks
- Plenty of buying opportunities ahead
Till date in 2019, the leading cryptocurrency has surged 114 percent as we mark the end of the crypto winter and sees the early signs of spring that will take us to the new all-time high.
From the yearly low of $3,150, Bitcoin has climbed to above $8,000 after registering huge gains first in early April and then in the ongoing month of May. This rising price level has the experts calling out that Bitcoin has finally bottomed while previously it has been analyzed that BTC could drop to $3,000 or below level again.
Now, in the wake of this surge, it is highly unlikely if we would get to even see $5,000 again. So, is the opportunity to buy the dip has gone?
According to the crypto trader and investor, Josh Rager, we would get plenty of “strong pullbacks” on the way to our new peak if the history repeats itself.
Eventually, we could see Bitcoin registering a pullback of 30 percent as he says during the last cycle when we were in accumulation and uptrend, there were at least nine more than 30 percent pullbacks which means
“plenty of buying opportunities ahead.”
The first correction was of 37 percent during the months of August and September in 2015 followed by a 42 percent drop in late 2015, November-December.
In 2016, there were two corrections of 30 and 32 percent during the mid and towards the end of the year.
Moving in 2017, Bitcoin recorded about five drops, out of which two corrections occurred in the first half the year of 34 percent each when we were trading around $1,000. In the second half of 2017, we saw three price declines of up to 40 percent.
After topping out in late December 2017 at around $20,000, 2018 marked the decline of prices where the largest retracement of BTC price has been of 26 percent – only on a few exchanges – that we saw recently.
So, there are higher chances that these corrections will ultimately realize as Rager comments, that history will, in fact, repeat itself as
“Bitcoin is too volatile of an asset”
and a drop of 30 percent
“is just another day in crypto.”
But before we see these drops, an uptrend seems likely as Rager says,
“$9k to $10k would be great.”