30% Drop in Bitcoin is there any possibility in the present scenario?

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Zaryab Afser
A stock market trader, a blogger , a cryptocurrency enthusiast ... Awareness of proper trend and Action at the correct time are the 2 most imperative tools to succeed in the crypto world. He will undoubtedly provide you with the first tool. Moreover he ensures that his readers never miss any data or news of the crypto world that might end up shifting your trade to the zenith of its glory. Cheers.

Keeping in mind the historical performance of the largest cryptocurrency, Bitcoin, in the past 3 years a sound and effective pullback might be expected for the asset according to Josh Rager, a technical analyst as well as a cryptocurrency trader.

If observed carefully, it can clearly be seen that since 2016, the price of the asset has tended to rectify by 30 to 40% following a strong short-term rally. Now it can quite obviously be stated that the historical performance of bitcoin’s price is not at all a preferable guarantee of its future trend. However, some experts still suggest the possibility of a large correction.

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Whether or not the 30% Drop For Bitcoin a Possibility?

Well, quite similar to any other altcoins, any chances of becoming vulnerable to a minor correction is quite possible for Bitcoin too if it surges by a large margin in a short time frame in a parabolic rally to be specific.

Moreover keeping exact facts and figures in mind, apart from the one abrupt drop to $6400, Bitcoin has almost recovered and that too without any correction in the past month.

The Bitcoin price has actually increased from $5,300 to $8,000 by almost $2,700. And all of this was witnessed since 22nd April within 30 days.

What do the experts of the market say?

While most of the traders are expecting a minor correction and other traders suggest the possibility of the momentum of the crypto market reducing the probability of a large correction in the near-term, here is what the technical analyst Josh Rager has to say:

“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.”

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