Predictable Bitcoin Drop Snowballs to Major Cryptos Plunging 7%

Joseph Young
A much-needed bitcoin pullback is affecting the wider crypto market. | Source: Shutterstock

By CCN: In the last 24 hours, the bitcoin price has dropped by around four percent against the U.S. dollar, leading major crypto assets such as ethereum, bitcoin cash, and XRP to drop by more than seven percent.

The anticipated pullback of both bitcoin and the rest of the crypto market comes after technical analysts like Josh Rager suggested that a healthy bitcoin pullback is likely due coming off a powerful 110 percent year-to-date gain.

The bitcoin price is up by nearly $3,000

The bitcoin price is up by nearly $3,000 in the past month against the U.S. dollar, outperforming every major index (source: coinmarketcap.com)

“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you,” said Rager.

Overnight, the valuation of the crypto market has declined by around $12 billion from $249 billion to $237 billion.

Will Bitcoin and Crypto Pullback Last Longer?

In the past month, within merely 30 days, the bitcoin price has from $5,100 to $8,000 at its peak, by nearly $3,000. That is, a monthly gain against the U.S. dollar of 56 percent.

On previous occasions wherein bitcoin came off of large short-term gains, the dominant cryptocurrency has tended to correct by 20 to 30 percent.

Read the full story on CCN.com.