Bitcoin is clearly in a full-blown bull market, with any slump being aggressively absorbed by buyers as it continues to move higher.
In contrast to the BTC rallies of the past, this most recent one has been mainly slow-moving – which shows that Crypto Engine has matured as an asset.
There have been some major pullbacks over the course of this recent surge, but it’s important to note that buyers were quick to undo all of those pulls.
A veteran trader now notes that Bitcoin has seen about 9 major pullbacks averaging 37% during multi-year bull trends
That means the cryptocurrency could see some sharp declines over the coming months and years.
Bitcoin and the entire cryptocurrency market have gotten stronger and stronger by the day.
Bears have tried several times to take control of the digital benchmark asset, but they have absolutely failed.
Where all of the market trends are going to go next depends largely on whether buyers are still able to break through the high resistance levels of the time frame, which are just above current trading levels.
A veteran trader also comments that while Bitcoin has not yet seen strong sell-offs, it is very likely that the cryptocurrency will see some of them in the months ahead, if its macro uptrend continues.
Bitcoin is nearing new annual highs as the bulls show their strength
At the time of writing, Bitcoin is trading at $ 16,650. This is a bit above the recent highs of $ 16,500 that were set just days ago.
If it succeeds in permanently breaking the resistance at $ 16,500 and rebounding towards $ 17,000, BTC could be catapulted near its previous all-time highs.
Rejection is likely here, but it remains unclear how long this level will last as resistance.
Top trader warns: BTC could experience serious setbacks
One veteran trader believes that while price action is incredibly strong, Bitcoin could see some major setbacks in the future while maintaining its uptrend.
He comments that historically, BTC sees around 9 significant corrections over the course of a macro uptrend.
“During the 2015-2017 bull market in Bitcoin $ BTC, there were 9 significant corrections with the following averages: 37% decline from high to low. 14 weeks from one ATH to the next ATH. There have been two 10% corrections since the early September low. „