Bitcoin is currently trading at just under $10,700, and the Keiser Report host predicts the cryptocurrency will stage a tremendous rally of 40 percent to $15,000 this week.
I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.— Max Keiser, tweet poet. (@maxkeiser) August 3, 2019
On June 24, bitcoin was trading at the same level as where it is right now, and it didn’t take long for the price to shoot up to almost $13,900 in just a couple of days.
But the rally didn’t last for long as the price plunged to almost $9,100 toward mid-July. This was a pullback of nearly 30 percent, just as crypto trader Josh Rager had anticipated.
However, a 30 percent pullback in the bitcoin price is usually followed by a massive rally of around 150 percent.
$BTC: Reward of buying pullbacks— Josh Rager 📈 (@Josh_Rager) May 23, 2019
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 pic.twitter.com/vy08Dx5XbU
Assuming that $9,100 was the bottom, the price could zoom to nearly $23,000 by the time the next bull cycle peaks.