The bitcoin price has increased from $6,863 to $8,167, having reached a new 2019 high and recovered to July 2018 levels. While many analysts predict the bitcoin price will increase to $10,000 in the medium term, in the nearest future, traders have predicted a healthy retracement.
According to Josh Rager, the fear of missing out (FOMO), among other factors served as the stimulus of the recent crypto rally. As FOMO subsides from a strong rally, traders expect bitcoin to experience a pullback.
“The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8,200-plus. High interest remains near $6,400 if BTC decides to cool off & pullback. My dream area to buy would be $5,500 to $5,700 but there’s no promise BTC will hit that low again,” Rager said.
Other traders consider that given the bitcoin price increase from $5,000 to $8,000 within one month, a slight correction would be ideal for both the cryptocurrency and the crypto market.
“Anything in the 6k’s right now is a dream entry. All eyes on $6.8k support. It’s all about consolidating, and establishing a range to leave some room for alts,” another trader said.