Analyst: Bitcoin Could Rally to $30,000 Before Early July

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Encryption analyst Phyrex wrote that if history is any guide, the BTC turmoil caused by the US SEC 's lawsuit against major cryptocurrency exchanges may be a harbinger of BTC short-term gains. BTC fell more than 5% on Monday before recovering more than 5% on Tuesday; similar consecutive see-saw moves of at least 5% have occurred five times in the past two years, according to data compiled by Bloomberg Average gains of nearly 11% over a 30-day period. That is to say, according to historical data, as long as the SEC sues and causes BTC to fluctuate by 5% or more in a row, the price of BTC will often rebound by 11% in the next 30 days. This means that at current prices, BTC could touch $30,000 before early July.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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