фото показано с : zycrypto.com

Bitcoin has paused around the $8.8K-$9K position. This comes after 2 days of huge jumps that saw the digital asset reach highs of $9.4K from lows of $7.8K. This marked a more than $1K jump in less than 24 hours. With such a huge rally, investors expect a retracement. This commonly happens after prices have stalled and momentum has slowed.

Historical figures would suggest that the latest surge could be followed by a dramatic fall before the rally can continue. On its way to $9.4K, Bitcoin passed some key resistances without slowing or pulling back in its typical fashion. And with this happening in a couple of hours, it means that a correction is overdue. Investors taking profit at current highs could lead to a massive pullback unless the upward trajectory can be maintained.

Analyst Timothy Peterson warns that after a $1,000 intraday jump, investors can expect a 38% pullback. He notes that Bitcoin adding more than $1,000 in a single day has only happened 14 times in history.

#bitcoin has has 14 days where it gained $1,000 or more in a day. Here is what happened in the days that followed. pic.twitter.com/PTJdEGxqKY

In these times, Bitcoin fell by 5% in the next seven days, around 20% in the next 30 days and 38% in the next 90 days.

Although Bitcoin looks set to get back above $9K, by not reaching its recent high of $9.4K, its upward trajectory could halt, followed by a sharp decline in search of lower support.

Bitcoin has proven time after time that history cannot be trusted to predict its price movement. Because of this, we can expect a different pattern once again following this single day $1,000 jump. This is especially as we are going into a halving. The event is now ten days away and many in the crypto community are predicting an all-time high with prices already gaining momentum. 

Most analysts believe that this week’s gains are just the beginning and heading into the halving, Bitcoin will reach around $10K. This will be the bulls’ destination early next week with ATHs being the target by the start of the halving week.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

314 +