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Bitcoin Bottom in Place?

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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.

Bitcoin pullbacks during a bull market
BTCUSD weekly time frame

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.

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Bitcoin BTCUSDT consolidation on the 4-hour chart
BTCUSDT 4-hour time frame

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3 comments
Justin Bennett says

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ali says

thanks for the update sir.

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Lakes says

Perfect analysis. 1M+ 👍👍

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