After experiencing a bout of downwards pressure that had erased many of the gains that Bitcoin and the aggregated crypto markets had incurred as of late, BTC’s bulls once again came out swinging and propelled the cryptocurrency significantly higher.
Now, analysts are noting that historical patterns signal that this latest pullback was simply part of the plan, and that if these patterns should repeat, Bitcoin’s price will likely surge another 153% to fresh all-time highs.
Bitcoin Taps $9,000 Region, But Bulls Ramp Up Buying Pressure
At the time of writing, Bitcoin is trading up over 11% at its current price of $11,360, which marks a significant price increase from its recent lows of roughly $9,600 that were set just over 24 hours ago.
This massive bounce that BTC incurred after tapping the $9,000 region is certainly emblematic of the fact that the markets are still in a strong bull market despite the recent bout of selling pressure that sent the cryptocurrency reeling back from its recently established 2019 high of $13,800.
In the near-term, it is highly likely that this year-to-date high will remain a level of resistance for the cryptocurrency, but strengthening fundamentals may bolster bull’s attempt to propel Bitcoin back to its previously established all-time highs.
Alex Krüger, an economist who focuses primarily on cryptocurrency, listed some of these bullish fundamental factors out in a recent tweet, pointing to things like the upcoming halving, institutional market participants, and the current lack of retail buying pressure.
“Reasons why bullish $BTC despite the blow-off top: 1. Big buyers out there 2. Retail not yet participating 3. Institutional on-ramps about to come online 4. Macro narratives catching on 5. Real LT positive macro backdrop 6. Miners hoarding on the way up 7. Halving countdown,” he bullishly noted.
Reasons why bullish $BTC despite the blow-off top:
1. Big buyers out there
2. Retail not yet participating
3. Institutional on-ramps about to come online
4. Macro narratives catching on
5. Real LT positive macro backdrop
6. Miners hoarding on the way up
7. Halving countdown— Alex Krüger (@krugermacro) July 3, 2019
If History Rhymes, BTC Could Soon Surge Past Previously Established All-Time Highs
As for where these bullish fundamentals could take Bitcoin’s price in the near-term, one prominent analyst is now noting that it is highly possible that the crypto could soon surge past its previously established all-time highs due to similarities between this bull run and ones seen in years past.
Josh Rager, a popular crypto analyst on Twitter, discussed this in a recent tweet, noting that he believes BTC is posed for a 153% run in the near-future, which, if true, would send Bitcoin’s price to over $24,000 – a 153% gain from its recent lows of $9,600.
“$BTC: We had our 30% pullback so what’s next? History says that price consolidates followed by an average gain of 153% before the next big pullback. There are great rewards for buying pullbacks in a bull market,” he said.
$BTC: We had our 30% pullback so what's next?
History says that price consolidates followed by an average gain of 153% before the next big pullback
There are great rewards for buying pullbacks in a bull market
My original tweet on this here:https://t.co/n6TeXJJDbn pic.twitter.com/TbjqsJH8bX
— Josh Rager 📈 (@Josh_Rager) July 3, 2019
How Bitcoin’s price action proceeds in the near-future will likely set the tone for where it will go in the months and years ahead, and its extremely positive reaction to recent pullbacks certainly spells trouble for the cryptocurrency’s bears.
Featured image from Shutterstock.
