Renowned crypto trader Josh Rager has compared the current drop in Bitcoin price to a similar trend that brought a remarkable growth to an ATH (All-Time High) in 2013.
Rager noted that Bitcoin lost up to 72% of its value within 89 days in 2013, but emerged with a 1600% growth to an ATH of $20k the same year. On a message posted to his Twitter account, the famous crypto trader and analyst shared his thoughts on the current pullback in the price of the pioneer cryptocurrency from its annual highs.
Bitcoin 2013 market compared to 2019
2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year
2019: Bitcoin has currently retraced 42% over 91 days
Price can continue down but expect the bull trend to continue after pullback pic.twitter.com/gCrC65OJ9N
— Josh Rager 📈 (@Josh_Rager) September 28, 2019
History Repeating Itself?
The crypto trader says that the current BTC price drop reflects a similar trend in 2013. During that time, Bitcoin retracted for nearly three months, something similar to what the crypto space has witnessed since late June.
Rager argues that a 75% decline in 2013 was followed by a remarkable 1600% growth, which saw Bitcoin hit an all-time high of $20,000 later that year. He added that currently, Bitcoin price has pulled back by about 42% within 91 days and the figure is likely to increase. However, the crypto community should expect a bullish market next.
No Big Deal for Bitcoin
The analyst said that a price decrease between 40 and 50 percent is no big deal for Bitcoin, as the digital currency had experienced more significant flops in the past, followed by remarkable growth.
“This pullback too shall pass and will hopefully make for great buying opportunities in the coming days/weeks,” Rager said.
BTC price support at $6000
However, in another twist, some traders argued that BTC price might find support at $6k, claiming that the bear market has just started. Armed with the figures from the cryptocurrency trading platform TradingView, they noted that Bitcoin continues to drop to lower figures and its current value ($7,913.15 CMC as of this writing) might not be the lowest in this period.
According to TradingView’s BTC/USD weekly chart, Bitcoin could get support at $7712, which is a strong support zone. All the same, no one knows exactly how lower the cryptocurrency can drift before it springs back with a bang.