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Bullish Bitcoin on Course for Further Gains after 110% YTD Spike

Joseph Young
BItcoin price is far more bullish than it seems, according to this trader. | Source: Shutterstock
BItcoin price is far more bullish than it seems, according to this trader. | Source: Shutterstock

 
By CCN Markets: Since achieving a new 2019 high at above $9,000 at most major crypto exchanges, the bitcoin price has dropped to around $7,900 by more than 12 percent against the U.S. dollar.

After a 12 percent pullback, the bitcoin price is still up nearly $2,000
After a 12 percent pullback, the bitcoin price is still up nearly $2,000

After a 12 percent pullback, the bitcoin price is still up nearly $2,000 in the past 30 days (source: coinmarketcap.com)

While many technical analysts have warned against the strong possibility of a pullback occurring in the near-term, which remains probable considering the 110 percent year-to-date gain of the dominant crypto asset, one trader says bitcoin is much more bullish than it currently seems.

Why bitcoin is bullish on a macro level

From April to June, the bitcoin price has surged from $4,100 to $9,000 by well over two-fold within a two-month span.

Subsequent to such an abrupt upside movement, a pullback is typically expected given the historical performance of bitcoin.

Throughout the past five years, the bitcoin price has tended to pullback by 30 to 40 percent on average after seeing extended rallies supplemented with strong momentum and volume.

Read the full story on CCN.com.