Bitcoin (BTCUSD) is back to “up only” mode following its recent 26% correction.
As most of you know, I was buying Bitcoin when it was between $8,000 and $10,000 in May of last year.
I was also buying Ethereum (ETH) when it was just above $200.
Both investments have worked out incredibly well, and I’m anticipating another five or six months of a bull market based on the last two.
However, no market moves in a straight line, even one as bullish as Bitcoin.
While I’m not expecting another major correction like the one we just had, I do think there’s a good chance we see a 5-10% pullback from this week’s high.
A look at the total crypto market cap chart illustrates this.
There’s no guarantee we’ll see cryptos pullback to the $1.58T area, which implies another 6% of downside.
With that said, such a pullback would be enticing as a buying opportunity.
That could put Bitcoin back to $53,000 – $54,000.
Just keep in mind that there are no guarantees.
Every dip is being bought up in a hurry, so there’s no guarantee we see BTCUSD pullback 7% toward the $53,000 area.
Alternatively, a daily close above $58,000 would signal the market’s bullish intent and open the door to $60,000 and beyond.
As I mentioned last year, I expect Bitcoin to exceed $100,000 this year and perhaps rise to $250,000 or greater.
I’m anticipating a $70,000 – $80,000 BTC over the next four to six weeks.