Crypto analyst Josh Rager says Bitcoin’s past market cycles indicate that a 153% jump in the price of BTC may be on the horizon.
Rager told his 47,000 followers on Twitter that Bitcoin typically bounces by that amount after a pullback like the one that hit BTC in the past week, with Bitcoin dropping from $13,770 to $9,756.
“We had our 30% pullback. So what’s next? History says that price consolidates followed by an average gain of 153% before the next big pullback. There are great rewards for buying pullbacks in a bull market.”
Meanwhile, Peter Brandt agrees that Bitcoin’s recent pullback is par for the course.
The veteran trader outlined a series of corrections from the bull market that lasted from 2015 through 2017, which featured multiple 30%+ pullbacks along the way.
The recent 30.5% correction in BTC is mild compared to the many corrections in the 2015-2017 parabolic advance. $BTC pic.twitter.com/L8eihNscav
— Peter Brandt (@PeterLBrandt) July 2, 2019
Right now, Bitcoin is up 4.88% at $11,283 according to COIN360. Ethereum is up 1.47% at $293.06, XRP is up 0.64% at $0.3988 and Litecoin is up 1.30% at $119.02.
CoinDesk analyst Omar Godbole says Bitcoin still needs to pass a price hurdle before a new breakout is confirmed.
Bitcoin
CoinDesk – Bitcoin rallies $2K in 24 hours, but price hurdles remain intact
Ethereum
NewsBTC – Ethereum price reversing recent losses versus the US Dollar
XRP
Blockonomi – Close above $0.4125 and $0.4200 needed for a fresh rally
Litecoin
Cointelegraph – Next barrier for bulls at the range of $140-145
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