The correction that never was has fizzled out again. The bears were beaten back and Bitcoin’s predicted pullback has been thwarted for a second time in as many weeks.
A number of failures to break resistance at $8,300 has sent Bitcoin on a path of retreat which many expected to end in the $6,000s somewhere. But for the second time in as many weeks the correction corrected and BTC bounced back.
According to Tradvingview.com bitcoin price hit a low of $7,470 a few hours ago before turning around again and marching back up. During today’s Asian trading session BTC returned to $7,850 adding 5 percent on the day.
$10K in Two Weeks
Things are still very bullish for BTC/USD 00 and if the trend continues on its current path it could well be into five figures as early as next month. Bitcoin economist and Founding Partner at Adamant Capital, Tuur Demeester, has taken a look at the charts and mapped the bullish scenario parabola.
— Tuur Demeester (@TuurDemeester) May 23, 2019
A continuation of this scenario would see BTC at $10,000 by early June. Considering that Bitcoin has not dumped back to $6k after several attempts it would be fair to say that the path of least resistance is to the upside.
What About a BTC Pullback?
A couple of days ago Bitcoinist reported on the likelihood of a 30 percent pullback. This scenario has happened several times over the previous market cycles so is likely to happen again. From current prices a dump of this magnitude would send BTC spiraling back down to the mid $5,000s. Trader and analyst Josh Rager pointed out that there were large rewards associated with corrections in a bull market;
$BTC: Reward of buying pullbacks. Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend. But we didn’t discuss how buying these pullbacks can reap rewards. The average gain after a 30%+ pullback was over 153% profit before the next strong pullback.
Fundamentally, however, things could not be better. The number of major players delving into the crypto scene is growing by the day. Just yesterday telecoms giant AT&T announced that they would accept bitcoin as a method of bill payment. Facebook has also just announced the launch of its new digital currency, ‘GlobalCoin’.
Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, recently listed some of the big names now investing in crypto;
Those building & investing in crypto:
– Fairfax County Pension
– Founders Fund
– Union Square
Are you going to bet against the most successful companies & investors in the world?
— Pomp 🌪 (@APompliano) May 22, 2019
This is all good gravy for Bitcoin,which seems to be bullet proof at the moment. Five figures is not far away.