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After every 30% pullback, Bitcoin gains an average of 153%

Crypto News

Cryptocurrency / Crypto News 115 Views comments

Recent data revealed that every time Bitcoin has seen a pullback of 30 percent or more, it was always followed by a sharp rally. The world’s largest cryptocurrency gains, on average, 153 percent after every price drop, meaning that there will still be plenty of buying opportunities even in the bull market.

Impending parabolic run or another pullback?

Following a year-long bear market, Bitcoin’s latest rally has left many traders expecting a major pullback. Analysts predicted that Bitcoin could drop to as low as $6,000 after it failed to break resistance at $8,300.

A slight move downward caused a frenzy among traders, as many thought it would be their last chance to get in on Bitcoin and profit from short term trading. However, Bitcoin managed to recover and climb back to around $8,000.

While some experts agree that a parabolic run is imminent, there has been major disagreement on whether or not a major pullback will precede the next bull run.

According to Josh Rager, a popular cryptocurrency analyst and trader, a pullback of at least 30 percent will come “eventually.” He believes that there will be several strong pullbacks before the world’s largest cryptocurrency reaches the next ATH.

Rager also noted that there were at least nine pullbacks in the last accumulation and uptrend cycle, so traders should jump onto those buying opportunities.