Bitcoin has dropped nearly 9% since hitting $12,485,but could see more losses according to analysts.
Bitcoin’s drop to lows of $11,000 is that a tip of the many pullbacks that the market should expect as the top cryptocurrency matches towards a new all-time high.
That is the advice and opinion of Josh Rager, the co-founder of Blockrots.com and crypto analyst.
Revisiting a tweet he shared in 2019, the analyst pointed to the current decline as just a pullback and that reaching a new all time high will be sandwiched with several of these.
According to him, “30% to 40% pullbacks” will not be surprising as the latest bullish cycle looks to take BTC/USD to a new all-time high above the $20,000 reached in December 2017.
Bitcoin pullback normal market behavior
As seen over the past 48 hours and going back to last week, Bitcoin has retreated from new 2020 highs above $12,480 to touch lows of $11,079. The action in the past week appears to confirm a minor pullback for BTC/USD.
As of writing, Bitcoin is about -9.0% since the spike to the YTD highs and could even see further declines given bears are intent on halting recent momentum.
Josh Rager believes this is perfectly normal and that traders should be ready for many harsher pullbacks.
“I hope you’re not worried about this pullback by [BTC]. You can expect several more 30% to 40% pullbacks on the way up to new highs for Bitcoin. This is just the reality of the market, “he tweeted.
Bitcoin’s current bull cycle
Per research and analytics firm CoinMetrics, the crypto market is
