Crypto Trader Josh Rager Compared Bitcoin Price Pullbacks Before Run-up to ATH

Sun, 09/29/2019 - 08:40
Denis Sinyavskiy
Josh Rager noted that a 72% drop in Bitcoin price over 89 days in 2013 brought 1600% growth to ATH, will 2019 be a repeat?
Cover image via U.Today

On his twitter account, popular cryptocurrency trader and analyst Josh Rager shared his thoughts on the current pullback of Bitcoin price from annual highs.

BTC price history repeating?

He compared the price drop in 2019 with a similar move in 2013. Then, Bitcoin moved down for about three months, which we have been observing nowadays since late June. In 2013, the market was also bullish, and the decline was 75% in 89 days. This was followed by a 1600% rise to new all-time highs.

Now we can observe that the price over the past 91 days has decreased by 42% and this figure may increase, says Rager. However, a continuation of the bull trend should be expected next.

BTC Price Might Find Support At $6K: Traders Say The Bear Run Has Just Started

Nothing special there

The analyst notes, that a rollback of 40-50% is not such a big problem for Bitcoin, because in the past there have been more significant drops, followed by growth to historical highs. Josh Rager concludes his thought with the following words:

“This pullback too shall pass and will hopefully make for great buying opportunities in the coming days/weeks.”

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

This site uses cookies for different purposes. Please set your preferences in Consent Settings and visit our Cookie Policy for more information on how and why cookies are used on this site.

Cookie policy