Bitcoin Pullback Possible, but Upward Trend Remains Strong: Expert Trader

Amidst the tremendous surge in the world’s largest cryptocurrency by market cap and Bitcoin’s price, the market worries about a possible pullback that could significantly impact the digital asset’s price.

In a recent video on YouTube, crypto trader Christopher Inks noted these fears in an interview with fellow trader Scott Melker but said the digital asset could still peak higher.

Looking at historical charts, Inks pointed at a 61.8 retracement, which he said was seen in previous cycles. At the start of the last bull cycle, the trader said Bitcoin’s price dropped from $14,000 to around $3,000. It also saw a similar retracement during COVID-19, down to $4,000.

However, the analyst pointed out that Bitcoin’s current upward trend is strong. While charts show the token is overbought, the analyst predicted the price could stay upward for longer.

Furthermore, they noted that a 61.8 retracement during this period would take Bitcoin to 20K levels, which they ruled as unlikely. Instead, Inks predicted the token’s price would soar to the upper 40s or lower 50s and then retrace back to the mid-30s.

However, the crypto trader noted that the possibility of a retracement may be low, given that the halving is scheduled for next year, which is a strong price movement catalyst. Similarly, it bears mentioning that spot Bitcoin ETF approval speculations have also impacted the bullish surge.

Indeed, investors predict the crypto ecosystem could see more capital inflow should an ETF be approved. Based on that optimism, analyst predictions speculate that Bitcoin’s price could peak between $100K and $150K by December 2024.

Meanwhile, Bitcoin has hit a slowdown in the past 24 hours after it breached an annual peak on Monday, according to CoinMarketCap data. At the time of press, the digital asset is exchanging hands at $43,907, following a 0.48% increase in the last 24 hours.