Today marks yet another highly volatile day for Bitcoin, but in a good way. In the past 24 hours, the cryptocurrency surged more than 15%, and even though it has retraced a bit at the time of writing, it has still posted gains of more than 10%. Following this positive movement, a Twitter poll has showed that the overwhelming majority of investors are bullish on the world’s largest cryptocurrency by market capitalization.
Investors Bullish on Bitcoin, Twitter Poll Suggests
According to a Twitter poll posted by a popular cryptocurrency commentator and senior market analyst at eToro, Mati Greenspan, the majority of investors are predominantly bullish on Bitcoin. When asked whether the next $3,000 movement in the BTC price would be up or down, 72% of the respondents selected the former.
Quick check of sentiment…
Bitcoin’s next $3,000 leg will be ____.
— Mati Greenspan (@MatiGreenspan) July 3, 2019
At the time of writing, Bitcoin was changing hands at about $11,100, which represents an increase of around 10% on the day. However, BTC retraced a bit after hitting $11,500 earlier in the day.
Looking at the charts, it’s safe to say that Bitcoin markets have experienced substantial volatility over the past few months. So far, this has turned out for the better, as BTC is up more than 120% in the last three months. As CryptoPotato reported, however, volatility also has its downsides, and it’s important to take that into account when making investment decisions.
Will History Really Repeat Itself?
Prior to Bitcoin’s latest notable leg up, the price had pulled back by about 30 percent. After touching $14,000 last week, the cryptocurrency experienced a steep correction crossing the $10,000 level on the way down.
This had investors starting to ponder the implications. Popular Bitcoin trader Josh Rager indicated that following a 30% pullback, “history says that price consolidates followed by an average gain of 153% before the next big pullback.”
$BTC: We had our 30% pullback so what’s next?
History says that price consolidates followed by an average gain of 153% before the next big pullback
There are great rewards for buying pullbacks in a bull market
— Josh Rager 📈 (@Josh_Rager) July 3, 2019
Of course, past performance is not a definitive indicator of future action, but it’s appropriate to take it into account.
Meanwhile, Bitcoin’s latest surge has pushed the entire market in the green as almost all of the large-cap altcoins are also marking promising increases.