Bitcoin’s sudden pullback a chance at redemption, analyst says

Yesterday was a great day for Bitcoin after it reached a new all-time high of $126,000 for the first time and many thought it was aiming higher. The rally was short-lived though, and Bitcoin has pulled back significantly.

According to a crypto analyst’s view on 8 October, the pullback is another chance to buy the dip and get ready for another leg up.

A fresh opportunity

After pulling back to $121,000, Michaël van de Poppe hopes that the coin will go a little lower to hit his ideal spot for a potential buy in.

Pullbacks are often a healthy way for assets to retrace and build stronger foundations for going higher. 

This is why parabolic assets with no pullbacks can be a red flag suggesting they may crash as quickly as they rise.

For Bitcoin, pullbacks have served as a critical part of the price movements which some investors pray for to have a chance to buy at a lower price.

According to another analyst, the next level Bitcoin may correct to is $118,000 if it fails to hold its current price level which already has strong resistance between $123,000 and $124,000.

Indeed, the $123,000 level was a strong support for the coin, and losing it means there is a potential further crash in view, which is also a buy opportunity.

New all-time high postponed

With the sudden correction that has dragged the price of Bitcoin down, the new all-time high which many including Poppe predicted has been postponed.

Poppe had earlier predicted that Bitcoin could be heading to $150,000 if it held the $123,000 price. 

As the level was lost, Bitcoin has turned the support to resistance, meaning some fresh effort may be required to break upward again.