The epic surge that Bitcoin made over the weekend resulted in gains of $25 billion on the market, and has brought a lot of attention on the latest cryptocurrency news. However, despite the gains, a Bitcoin pullback is already happening – and one analyst believes that it could extend in the next couple of days.
According to Yahoo Finance and a report that they published, “all five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex,” which means that the 17% gain of Bitcoin sent it to its highest level since August 2018.
CNBC was among the best cryptocurrency news sites which said that there will be a Bitcoin pullback after breaking the $6,000 barrier which did not happen. Anyways, the news outlet has become known as the best counter trading indicator in the crypto ecosystem.
Bitcoin breaking back above $6,000, but @jeffkilburg says buyer beware: it won't hodl here $BTC pic.twitter.com/GH3v7Vcr3R
— CNBC Futures Outlook (@FuturesOutlook) May 9, 2019
As the market is correcting, we are seeing a slight Bitcoin pullback to just above $7,000. The coming altcoin news show that the situation is identical in the world of altcoins. Analysts and traders are expecting further corrections from this point – before the market starts accumulating again.
According to one analyst and investor named Josh Rager, a Bitcoin pullback is expected – similar to the bull run in 2015 and the correction afterwards. As he said:
“Amazing similarity between the last bear market prior to uptrend. Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend. Watching for a potential pullback where I’ll add more to the stack.”
https://twitter.com/Josh_Rager/status/1127542528083992576
Another analyst known by the handle “Cryptohamster” predicted this run up to $7,500 correctly in early April, after analyzing many charts from previous market cycles. As he said then while predicting the Bitcoin pullback:
“If history rhymes and Fibonacci retracement is a real thing, bitcoin will rise to $7.5k and then will have a massive correction to $4.3k. That will be the last attempt of bears to come back.”
According to the chart, it was actually 7550$.
Yesterday the peak price was 7580$ on Coinbase…
Fibo rules.$BTC #bitcoin $BTCUSD https://t.co/ZokQAwilb1— CryptoHamster (@CryptoHamsterIO) May 12, 2019
Right now, a Bitcoin pullback to this level would be the catalyst for a massive bull run mostly because of the accumulation which is going to happen if BTC goes back anywhere near $4k. Either way, this weekend’s action has been bullish and is more likely to come in 2019 when Bitcoin is expected to make headlines once again.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post