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.