Bitcoin’s price (BTC) rose above the $ 17,700 level after an explosive overnight rally. Although market sentiment is at its peak, some traders are saying that there may be a pullback for a healthy BTC price.
Michael van de Poppe, a full-time trader on the Amsterdam Stock Exchange, stated that an average 30% correction could be a healthy retreat for BTC. BTC’s 30% drop points to about $ 13,000.
Poppe stated that a potential return before the macro peak would be healthy in the $ 12,500 to $ 13,000 range.
“An average of 30% correction in BTC, place Bitcoin in the $ 12,500-13,000 area. It will be a very healthy retreat before these new peaks. ”
The famous trader also underlined that if there is a possible 20% correction for the BTC price, we may see a consolidation phase for weeks. Such a trend will strengthen the foundations of the ongoing Bitcoin rally and allow a wider rally to occur.
On the other hand, it seems unlikely that individual investors will participate in the rally for now, as they have suffered from the 2017 uptrend, but as mainstream investors have just entered the market, large capital inflows to the leading crypto currency will also occur.
For now, industry executives and long-term Bitcoin investors are predicting a wider rally.
Gemini’s co-founder and CEO, Tyler Winklevoss, stated that the media missed the last Bitcoin bull run and gave the following words in his statement;
“The media completely missed the last Bitcoin bull run. This situation points to a problem in a central media complex. It’s time for decentralization. ”
With the interest around Bitcoin, as the media coverage of more Bitcoin and mainstream engagement occurs, the BTC price will likely see new peaks with a bigger rally.
Bitcoin (BTC) is trading at $ 17,719 as of writing.