Analyst: Bitcoin surges an average of 153% after a 30% pullback

24 May, 2019 | Updated: 24 May, 2019
by Richard Allen
Analyst: Bitcoin surges an average of 153% after a 30% pullback

Popular crypto trader Josh Rager has taken to Twitter to explain that every time Bitcoin has seen a pullback of 30% or more, it’s followed with sharp upside rally.

As Rager explains, with every pullback Bitcoin has seen an average gain of more than 153%:

Several investors and analysts have been expecting Bitcoin to pull back as far as $6,000 as many feel Bitcoin is stretching further into overbought territory. As CNBC host Ran NeuNer tweeted earlier this month, “The market is going up too fast… tread carefully.”

This is a sentiment that was shared by Rager as well. On May 10, he tweeted Bitcoin’s Relative Strength Index (RSI) hadn’t crossed above 70 since January 1, 2018, and Bitcoin was fast approaching that point again. “Needs pullback,” he said.

With that being said, however, many industry experts have agreed that Bitcoin moves in cycles. As Fundstrat’s Tom Lee recently stated, Bitcoin generally generates all of its performance within the first 10 days of a year, mainly because it’s largely driven by market cycles:

“Reminder that BTC generally generates all of its performance within 10D of any year. –ex the top 10 days, BTC is down 25% annually since 2013,” Lee said.

Rager’s comments come a time when Bitcoin’s pullback has been halted as the king of cryptocurrencies once again surpasses the $8,000 mark. At the time of writing, Bitcoin is trading at $8.013.62, an increase of 5.01% over the last 24 hours.

BTC/USD chart provided by Tradingview 

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