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Why You Shouldn’t Be Surprised If The Bitcoin Price Tumbles 30% From Here

Why You Shouldn’t Be Surprised If The Bitcoin Price Tumbles 30% From Here

Sure, history doesn’t repeat itself, but it does rhyme. So when there are harrowing drops in the bitcoin market, a bit of perspective can come in handy.





Historically, a bull market has been characterized by pullbacks of at least 30%. And according to the crypto trader and analyst Josh Roger, bitcoin could slide as much as 30% in the near-term.





A Bigger Bitcoin Correction May Be See Soon





Bitcoin, which had been on a steady uptrend last month, is now dropping. The benchmark cryptocurrency surged almost 30% in October alone, clocking a 33-month high above $14,000 on October 31. Bitcoin, however, saw a harrowing rejection from this level and has continued to decline.





Rager now thinks a bigger correction lies ahead. In a tweet, the analyst told his fellow traders to expect even 30% dips from here. The Blockroots co-founder noted that bitcoin has a tendency of registering massive corrections after a monstrous rally. He cited nine cases in the past whereby a bull market has resulted in a 30% retracement.






$BTC

Another strong weekly close on high time frame

With that said, let the "dips" come

It shouldn't surprise anyone who's been in this market when it happens

Bitcoin had 9+ pullbacks of at least 30% last bull market

But in the long run, we know where this is going (up)

— Josh Rager 
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