Despite facing some levels of volatility over the past week, Bitcoin has now been able to find some stability and is hovering right below the $8,000 level. It is important to note that BTC does face some levels of resistance in the lower-$8,000 region, as it has tried, and failed, on multiple occasions to climb above this region.
Although Bitcoin is clearly in the middle of an uptrend, it is important to note that there is a large chance that a drawback is imminent, and one analyst believes that there may be a 30%+ drop in the near future.
While looking at BTC over a one-month period, it is clear that it is currently forming a consolidation pattern around its current price levels, which may or may not be proceeded by the formation of another upwards leg.
Importantly, analysts do believe that Bitcoin’s next stop may be at $10,000, assuming the cryptocurrency is able to further extend the upwards momentum that it has incurred over the past month.
Further Read: https://www.newsbtc.com/2019/05/22/analyst-despite-bitcoins-current-stability-a-30-pullback-could-be-imminent/
I think Bitcoin can be moving for an estimated 30% dip before doing another surge towards $9,000. It means that Bitcoin is giving many people the big chance to enter the bull run at around $6,000+ a window that people should exploit and I am sure that many will including institutional fund managers. Pullbacks are very possible to happen before Bitcoin can go crazy and go into the so-called parabolic state. Are you in agreement with this positive assessment despite the ongoing retracement?