The post ‘Even In A Parabolic Bull Run’ Bitcoin Can See 30% Pullbacks – Top Analyst appeared on BitcoinEthereumNews.com.

Bitcoin has experienced a 7% pullback from its all-time high at $99,800 after failing to break above the psychological $100,000 mark. This retracement, while causing some concern among investors, is seen as a necessary consolidation phase for the cryptocurrency to build strength before continuing its ascent.  Despite the short-term setback, many fear this may be the peak of Bitcoin’s bullish movement for this cycle. However, top analyst Ki Young Ju, CEO of CryptoQuant, shared a technical analysis on X highlighting that even during parabolic bull runs, BTC can experience significant pullbacks—sometimes as deep as -30%. With the market consolidating, the next few weeks will determine whether BTC can reclaim its momentum and eventually break above the $100,000 level or if the price will face further downward pressure. Investors remain watchful, balancing caution with optimism as BTC works through its latest phase of price action. Bitcoin Bull Run Is Only Starting Bitcoin’s parabolic bull run is just beginning, and the recent aggressive move from $67,500 to $99,800 confirms this bullish phase. While BTC has seen impressive gains, top analyst and CryptoQuant CEO Ki Young Ju shared a technical analysis on X, suggesting that despite a parabolic bull run, BTC can experience significant pullbacks of up to 30%.  Bitcoin drawdown from ATH in 2021 | Source: Ki Young Ju on X This pattern has been seen repeatedly, such as during Bitcoin’s 2021 price discovery from $17,000 to $64,000, where sharp corrections did not derail the upward trajectory. This analysis doesn’t signal an imminent correction but highlights the importance of managing risk. Investors need to avoid panic selling during local bottoms, as such corrections are part of Bitcoin’s price discovery process and serve to shake out weak hands. As long as BTC continues to establish higher highs and maintain its overall bullish trend, corrections can…

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Filed under: News - @ November 27, 2024 8:25 am