While the cryptoland goes all hunky-dory about the Bitcoin (BTC) price surge, popular crypto analyst Josh Rager asks to maintain caution. After a strong monthly-closing for Bitcoin on its 12th birthday on October 31st, Josh Rager said that he won’t be surprised if BTC “dips” from here.
Citing historical performance, Rager also tweeted that BTC can correct 30% from here. Meaning we can see Bitcoin slide up all the way back to $10,000 levels once again. However, Rager still remains bullish for Bitcoin (BTC) in the long run.
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 ?? (@Josh_Rager) November 2, 2020
Last Saturday, October 31, Bitcoin (BTC) moved past $14,000 levels for the first time after January 2018. The crypto king pulled back soon after breaching those levels and has been consolidating around $13,700 over the weekend.
Moreover, BTC also registered another milestone of second-highest monthly close in history. Over the month of October 2020, the Bitcoin price has surged nearly 28%. While one might agree to disagree with Rager, his bearish predictions are based on historical charts.
Moreover, it is very likely that Rager’s predictions could fall flat based on the kind of strength that BTC has shown. Unlike previous corrections, these times are totally different looking at the global economic condition. With low-interest rates and rising inflation, Bitcoin (BTC) remains a strong contender against gold as a potential hedge. In fact, BTC has been slowly consolidating its position and distancing itself from the yellow metal.
Is It Really The Time for Profit Booking?
Another market analyst Lary Davis said that we can possibly see some bearish momentum citing “miner capitulation”. Meaning, miners turning off their rigs for profit booking can lead to bearish sentiment in the short term.
#bitcoin hash ribbons showing miner capitulation! Last time this happened Bitcoin ranged sideways for 60 days and #altcoins starter trending up! History about to repeat? pic.twitter.com/BCnmxAo0bh
— Lark Davis (@TheCryptoLark) November 1, 2020
On the other hand, Daily Forex analyst Cristopher Lewis writes:
Looking at this chart, I believe that the $12,000 level underneath will be essentially operating as a “floor in the market”, as it was previous resistance. The fact that we have broken above there previously suggests that we may need to pull back there in order to retest the area, which is a good sign for buyers. You want to see some type of value re-enter the marketplace and I believe that a lot of traders will be willing to jump into this market and take advantage of “cheap Bitcoin.”
While analysts have been hinting at a possible correction in the short term, they still remain bullish for Bitcoin’s long-term success. Any correcting from here can possibly see more institutional participation as Wall Street gets cozier with the world’s largest cryptocurrency.
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