- Crypto trader Christopher Inks predicted Bitcoin would rise higher before a price pullback.
- The analyst mentioned a recurring 61.8 retracement seen in previous bull cycles, which could be repeated.
- Bitcoin would hit the upper 40s to lower 50s and see a pullback to the mid-30s, according to the expert.
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.…
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