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.
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.”