Categories: Market Overview

Analyst: Despite Bitcoin’s Current Stability, a 30% Pullback Could be Imminent

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.

Analyst: Despite Bitcoin’s Current Stability, a 30% Pullback Could be Imminent, NewsBTC, May 23
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: btc

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

3 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

4 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

4 days ago

This website uses cookies