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.
Bitcoin 2013 market compared to 2019— Josh Rager 📈 (@Josh_Rager) September 28, 2019
2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year
2019: Bitcoin has currently retraced 42% over 91 days
Price can continue down but expect the bull trend to continue after pullback pic.twitter.com/gCrC65OJ9N
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.
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.”