The host of the popular Youtube crypto channel InvestAnswers says that historical data shows that Bitcoin (BTC) is not far from a recovery. The analyst publishes a detailed chart with historical data for timing. Current market assessments and forecasts cryptocoin.com compiled for our readers.
Bitcoin overturns correction after 89 days
The analyst tells his 405,000 YouTube subscribers that the average retracement took 89 days, with the average pullback pulling BTC back from the top by about 57%, with average gains after the correction as large as 362%. The crypto analyst also states that the average time for Bitcoin to reach the ATH level after a correction is 257 days. However, that number was inflated by bear markets in 2017-2018 and 2013-2015, and it took 1,079 days and 1,181 days to recover, respectively. It took 631 days for the 2011 bear market to reach its all-time high.
The InvestAnswers server highlights that excluding these three bear market recovery periods, the average time it took for BTC to rise to ATH was just 64 days.
Will we be back to where we were 70 days ago – $68,800 in Bitcoin? Yes we will. I don’t know when, but it could be soon because historically, recovery takes place within 64 days. These are just numbers. I know things are much longer now. The cycles are longer but also the markets are falling and crashing faster than ever before.
The analyst thinks that $30,000 is Bitcoin’s support level. Bitcoin is trading at $36,808.19, down more than 11% at the time of writing.
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