Analyst: Despite Bitcoin’s Current Stability, a 30% Pullback Could be Imminent
May 23, 2019 @ 11:25 UTC
Despite facing some levels of volatility over the past week, Bitcoin has now been able to find some stability and is hovering right below the $8,000 level. It is important to note that BTC does face some levels of resistance in the lower-$8,000 region, as it has tried, and failed, on multiple occasions to climb above this region.
Although Bitcoin is clearly in the middle of an uptrend, it is important to note that there is a large chance that a drawback is imminent, and one analyst believes that there may be a 30%+ drop in the near future.
At the time of writing, Bitcoin is trading down 4% at its current price of $7,621.
Importantly, analysts do believe that Bitcoin’s next stop may be at $10,000, assuming the cryptocurrency is able to further extend the upwards momentum that it has incurred over the past month.
Josh Rager, another popular crypto analyst on Twitter, pointed this out in a recent tweet, explaining that in the past bull run there were at least nine instances of BTC reeling down 30% or more, despite its firm upwards momentum.
“$BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak ATH. There were at least nine 30%+ pullbacks from last cycle accumulation & uptrend. Plenty of buying opportunities ahead, don’t let it shake you,” he noted.