- Bitcoin has nearly doubled in price since late January, but analysts say a pullback of up to 20% may be coming after the massive rally.
- Though a drop in the near term is likely, analysts remain confident in Bitcoin’s long-term uptrend resuming after any counter move.
- Despite the potential for a price drop soon, analysts still have a bullish long-term outlook for Bitcoin based on the huge gains seen so far in 2023.
Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.
Bitcoin Price Action
Bitcoin was trading around $23,600 at press time and is up about 5% over the past week. The cryptocurrency has gained 97% year-to-date.
The recent price action represents a “massive rally” from Bitcoin’s lows. However, analysts think a pullback may be in the cards.
“Bitcoin nearly doubled in price since late January, but a ‘counter move seems to be near,’ Swissblock analysts said,” according to the report.
Potential For Price Drop
Swissblock analysts believe Bitcoin could see a drop of up to 20% in the near term.
“Bitcoin could see a drop of up to 20% in the near term,” the analysts said. However, they believe the long-term uptrend will resume even if a pullback occurs.
“However, they believe the long-term uptrend will resume even if a pullback occurs,” the report noted.
Long-Term Outlook
The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts.
“The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts,” the report said.
Bitcoin’s rally from its recent lows has been massive. And while a counter move could be coming, analysts remain confident about crypto’s prospects over the longer term.
Conclusion
Bitcoin has seen huge gains in 2023 so far. But after such a substantial rally, analysts say a pullback is likely. A drop of up to 20% could occur in the near term. However, analysts still see upside for Bitcoin over the longer term. Even if a counter move emerges, they expect the uptrend to resume.
