Today marks yet another majorly volatile day for Bitcoin but all in the good sense. In the past 24 hours, the cryptocurrency surged more than 15% and even though it has retraced a bit at the time of this writing, it still posts gains upwards of 10%. Following this positively parabolic movement, a Twitter poll reveals that the overwhelming majority of investors are bullish on the world’s largest cryptocurrency.
Investors Bullish on Bitcoin: Twitter Poll Suggests
According to a Twitter poll posted by popular cryptocurrency commentator and senior market analyst at eToro, Mati Greenspan, the majority of investors are predominantly bullish on Bitcoin. When asked whether the next $3,000 leg in BTC’s price will be up or down, 72% of the participants think it will be in an upward direction.
Quick check of sentiment…
Bitcoin’s next $3,000 leg will be ____.
— Mati Greenspan (@MatiGreenspan) July 3, 2019
At the time of this writing, Bitcoin is changing hands at about $11,100 which represents an increase of around 10% on the day. However, it’s also worth noting that BTC retraced a bit after hitting $11,500 earlier in the day.
Looking at the charts, it’s safe to say that Bitcoin is experiencing substantial volatility over the past few months. So far, it turned out for the better as BTC is up more than 120% in the last three months. As Cryptopotato reported, however, volatility also has its downside and it’s important to take it into account when making investment decisions.
Will History Really Repeat Itself?
Prior to Bitcoin’s latest notable leg up, the price had pulled back with about 30 percent. After touching $14,000 last week, the cryptocurrency went through a steep correction crossing the $10,000 level on the way down.
This had investors start pondering upon the implications. Popular Bitcoin trader Josh Rager indicated that following a 30% pullback, “history says that price consolidates followed by an average gain of 153% before the next big pullback.”
$BTC: 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
— Josh Rager 📈 (@Josh_Rager) July 3, 2019
Of course, it’s always important to know that past performance is not a definitive indicator for future action but it’s appropriate to take it into account.
Meanwhile, we can also see that Bitcoin’s latest surge pushed the entire market in the green as almost all of the large-cap altcoins are also marking promising increases.
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