Bitcoin in a bullish cycle but expect pullbacks of 40% Analysts say

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 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 in a bullish cycle but expect pullbacks of 40% Analysts say 1
Chart showing Bitcoin’s price action over the past week. Source: TradingView

Bitcoin’s current bull cycle

Per research and analytics firm CoinMetrics, the crypto market is in the middle of a bullish cycle that could last over a year from now.

An analysis of Bitcoin’s earlier bull cycles shows that this could be its fourth major installment in history.

Bitcoin in a bullish cycle but expect pullbacks of 40% Analysts say 2
Chart showing how long each of Bitcoin’s last three major price cycles lasted. Source: CoinMetrics.

A look at the cycle of tops and bottoms over the past decade shows that the last bullish cycle started in 2015 and lasted till the crypto bear market of 2018. A dip to lows of $3,000 began the latest cycle in December 2018 and has yet to hit a new top more than 600 days later.

The March 2020 market crash following the spread of Coronavirus took BTC/USD to lows of $3,800. However, prices have since surged to hit a new high to suggest a repeat of the last cycle could be massive for Bitcoin.

Financial history has shown us that the formation of asset bubbles appear to be linked to deeply rooted aspects of human behavior,” the research states.

According to the report, the last cycle lasted more than 1000 days. As such, if the current trend maintains, Bitcoin could hit a new all-time high somewhere in the next one to one-and-half years.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,136 1.36 % 7.78 % 12.20 %
Ethereum2,451.7 1.16 % 8.11 % 23.78 %
Tether1.010 0.43 % 0.74 % 0.40 %
Binance Coin374.93 0.74 % 6.59 % 21.30 %
USD Coin1.000 0.10 % 0.42 % 0.10 %
Cardano1.050 1.43 % 3.75 % 34.15 %
Solana94.13 1.13 % 9.76 % 32.79 %
XRP0.6093 0.86 % 5.30 % 20.34 %
Terra64.79 1.23 % 0.68 % 16.20 %
Polkadot18.72 1.06 % 10.14 % 27.32 %

Bitcoin (BTC) $ 36,901.00
Ethereum (ETH) $ 2,450.21
Tether (USDT) $ 1.00
Binance Coin (BNB) $ 374.23
USD Coin (USDC) $ 1.00
Cardano (ADA) $ 1.04
Solana (SOL) $ 94.30
XRP (XRP) $ 0.608835
Terra (LUNA) $ 64.77
Polkadot (DOT) $ 18.69