Bitcoin spikes 17% straight after Forbes claims ‘bubble has burst’

Bitcoin price

Just hours after Forbes claimed the Bitcoin bubble had burst, BTC made a stunning turnaround. One analyst is now predicting a 153% rally.

The King of Crypto had fallen around 30% over the space of a week from highs of $13,868 to lows of $9688.

However the Bitcoin price gained almost 20% today, trading as high as $11,525 and sparking predictions of a further rally of more than 150%.

Those gains had pulled back at the time of writing to around 13% with the price just above $11,000.

Unfortunate timing for Forbes

The reversal is a case of unfortunate timing for Forbes’ Billy Bambrough who had just published an article on the steep correction: “Bitcoin Bubble Bursts As Ethereum, Ripple’s XRP And Litecoin Prices Crash–Here’s Why

“The sudden Bitcoin, Ethereum, Ripple XRP, and Litecoin price sell-off comes after warnings bitcoin is heading for a “violent breakdown” and technical data that showed a strong sign of buyer exhaustion across Bitcoin and cryptocurrency markets,” Bambrough wrote, quoting crypto analyst Joe Saz saying:”I don’t typically have a red flag emergency but it’s looking very bad right now.”

The Bitcoin price surge immediately cut through the gnashing of teeth over the correction and flipped the switch to blind optimism.

Josh Rager says history suggest a major rally up to 153%

Technical analyst Josh Rager said if history is any guide, a steep correction is often followed by a major rally.

“BTC has just hit over 20% gain in less than 24 hours. Looking extremely bullish and could be heading towards $11,760 (1 day resistance) Wanting to go to sleep but it’s hard to rest when Bitcoin crushes resistance after resistance on lower time frames.”

“We had our 30% pullback so what’s next? History says that price consolidates followed by an average gain of 153% before the next big pullback There are great rewards for buying pullbacks in a bull market.”

Brandt says the correction wasn’t so bad anyway

Veteran trader Peter Brandt pointed out the price correction of 30% looked mild compared to at least five more severe corrections between 2015 and 2017 where BTC pulled back as much as 41.4%

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.