The bulls are back: After 30% pullback Bitcoin can gain 153%, says analyst

03 Jul, 2019
by Will Heasman
Analysis
The bulls are back: After 30% pullback Bitcoin can gain 153%, says analyst

After Bitcoins volatile week of uncertainly, the # 1 seems to back to its previous bullish streak, climbing once again through $11k, looking stronger than ever. This too is reflected by the analysts of crypto Twitter, who, for the most part, indicate that the bulls are back…

Right now Bitcoin (BTC) is trading at around 11,268, noting an intraday increase of approximately 10%.

 BTC/USD Chart provided by Tradingview

Sentiment is sky high

Testing the sentiment around this newfound momentum, eToro analyst, Mati Greenspan, took a poll which dived into whether users on crypto Twitter believed that the next $3k leg would be up or down:

Overwhelmingly the poll results suggest that investors are anticipating another parabolic stint for Bitcoin, with 70% believing the next leg will be “up.”

Another poll by trader Alex Kruger revealed that most users believe that BTC can end the year above $14k:

 What do the traders say?

According to The Cryptomist, Bitcoin is currently in a downward wedge – a bullish formation that slowly works price towards a resistance breakout point. The analyst relays that BTC had already tested the top of this wedge and wouldn’t be surprised if support toward the bottom (around $9.5k) was met. Soon thereafter, the analyst suggests Bitcoin could breakout and reach a new 2019 high:

Providing both the bearish and bullish perspective, Crypto Michael asserts that BTC is reaching crucial levels, near the top of the downtrend line, and at resistance around the Fibonacci level of 0.618. The analyst notes that if Bitcoin consolidates here, the trend could well be broken and BTC could continue upward, but if not, we could see a repeat of Bitcoins recent drop:

On the flip side, another analyst simply provided a shot of the macro trend line, suggesting that Bitcoin was back on track:


Will history repeat?

Analyst, Josh Rager, posited an interesting theory today, relaying that history dictates an average gain of 153% for Bitcoin following a price correction and consolidation, adding that BTC had pulled back 30% already; alluding to an incoming rise:

Trader and analyst Peter Brandt similarly noted the 30% correction, relaying that it was fairly mild compared to previous corrections during the last bull run back in 2015 -2017:

What do you think? Are the bulls back? Can Bitcoin continue its rally? Let us know your thoughts in the comments below!

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