The Bitcoin price is hovering above $17,700 after an explosive overnight rally. Albeit the market sentiment is at its peak, some traders anticipate a healthy BTC price pullback might occur.
Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said an average 30% correction would mark a healthy pullback for BTC. If BTC declines by 30%, it would see a decline to around $13,000.
But other traders who recognize that Bitcoin would otherwise have seen a correction at around $16,000 say market dynamics might have changed. A full-time derivatives trader known as “John Wick” wrote:
“This $BTC move is showing spectacular continuation of strength. When an asset doesn’t fail at a logical place it means the dynamics have changed.”
The daily price chart of Bitcoin.