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🤷 Opinions

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

  • 🤷 Opinions

    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 news.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.

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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.”

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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.

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📰 News

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • 📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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