Bitcoin (BTC) pulled back yesterday after 19 days of consolidation.
Despite today’s bounce, Bitcoin is off its recent $42,000 high by 22%.
But before you panic, understand that at this time last year, BTC was trading at $8,700.
So, even after this latest pullback, Bitcoin is still up an impressive 250% in the last 12 months.
That’s also around the price I was buying BTC last year, a position I still have today.
Furthermore, BTCUSD is known for its 30-40% bull market corrections.
Look no further than the 2017 bull run.
There were six pullbacks of 30-40% during 2017, and every one of them presented an incredible buying opportunity.
I think this month’s pullback is no different.
Sure, Bitcoin could move even lower in the short-term, but anything below $42,000 will seem like a bargain later this year, in my opinion.
All that said, I think Bitcoin has bottomed.
The 161.8% Fibonacci extension of this latest pullback points to $50,000 exactly, which probably isn’t coincidental.
I mentioned this yesterday on Twitter.
That’s the next logical resistance area if BTCUSD can get back above $33,500 and $36,000 over the coming days.
And I still expect Bitcoin to exceed $100,000 later this year.
Anyone who doubts that figure should know that the cryptocurrency is up over 900% from its late 2018 cycle low.
With that in mind, a move from $30,000 to over $100,000 is a drop in the bucket.
Disclosure: The author of this article owns Bitcoin.