With everything that has happened in the crypto sphere in the last few weeks, it would be a long time before people stop talking about the market. Even though there are quite a few people who think that the recent pullback experienced by Bitcoin will be sustained, there still are a lot more people that think it’s a normal occurrence especially considering how fast the price surged.
Bitcoin dropped after reaching $8,000 and pulled other coins down with it, causing the entire market cap to lose about $20 billion. However, this didn’t deter most people. One of such people is popular cryptoanalyst, trader and investor – Josh Rager.
Bitcoin Is Still Bullish
Rager expressed bullish views about Bitcoin saying that the asset is still stable. His tweet said:
Rager’s prediction seemed to be quite spot on because, at the time of writing, Bitcoin has risen over $7,900 and is set to break past $8k again. This increase was also felt by most other altcoins as Bitcoin seemed to drag them along also.
Pullbacks Shouldn’t Scare You
In the succeeding tweet, Rager also advised people to have faith in the market and not be too scared because of the drops. According to him, even after a drop, the prices will correct itself quite quickly:
“Don’t be shaken out of your long term positions by $100 to $200 drops in $BTC price. This past drop was bought up quite quickly.”
Is Bitcoin Really Still Bullish?
It is true that Bitcoin successfully returned to its former glory, rising up to just a few dollars short of $8,000. However, even when it initially scaled through that mark, it greatly struggled with keeping up.
One other person replied to Rager’s tweet, also pointing this out. According to the reply, it would be premature to think Bitcoin is strong if it “keeps getting denied whenever it crosses 8k almost immediately.”
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