Just hours after Forbes claimed the Bitcoin bubble had burst, BTC made a stunning turnaround. One analyst is now predicting a 153% rally.

The King of Crypto had fallen around 30% over the space of a week from highs of $13,868 to lows of $9688.

However the Bitcoin price gained almost 20% today, trading as high as $11,525 and sparking predictions of a further rally of more than 150%.

Those gains had pulled back at the time of writing to around 13% with the price just above $11,000.

Unfortunate timing for Forbes

The reversal is a case of unfortunate timing for Forbes’ Billy Bambrough who had just published an article on the steep correction: “Bitcoin Bubble Bursts As Ethereum, Ripple’s XRP And Litecoin Prices Crash–Here’s Why”

“The sudden Bitcoin, Ethereum, Ripple XRP, and Litecoin price sell-off comes after warnings bitcoin is heading for a “violent breakdown” and technical data that showed a strong sign of buyer exhaustion across Bitcoin and cryptocurrency markets,” Bambrough wrote, quoting crypto analyst Joe Saz saying:”I don’t typically have a red flag emergency but it’s looking very bad right now.”

$BTC: Reward of buying pullbacks Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend But we didn't discuss how buying these pullbacks can reap rewards The average gain after a 30%+ pullback was over 153% profit before the next strong pullback pic.twitter.com/vy08Dx5XbU — Josh Rager ???? (@Josh_Rager) May 23, 2019

The Bitcoin price surge immediately cut through the gnashing of teeth over the correction and flipped the switch to blind optimism.

Josh Rager says history suggest a major rally up to 153%

Technical analyst Josh Rager said if history is any guide, a steep correction is often followed by a major rally.

“BTC has just hit over 20% gain in less than 24 hours. Looking extremely bullish and could be heading towards $11,760 (1 day resistance) Wanting to go to sleep but it’s hard to rest when Bitcoin crushes resistance after resistance on lower time frames.”

“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.”

Brandt says the correction wasn’t so bad anyway

Veteran trader Peter Brandt pointed out the price correction of 30% looked mild compared to at least five more severe corrections between 2015 and 2017 where BTC pulled back as much as 41.4%

The recent 30.5% correction in BTC is mild compared to the many corrections in the 2015-2017 parabolic advance. $BTC pic.twitter.com/L8eihNscav — Peter Brandt (@PeterLBrandt) July 2, 2019