A server of InvestAnswers stated that historical data shows that Bitcoin (BTC) is not far from recovery and shared the relevant data.
In the video he posted on the channel with 405,000 YouTube subscribers, the analyst added that the average retracement took 89 days and the average retracement depreciated BTC by about 57% from the peak, and the average gains after a correction were as large as 362%.
The server also, after a fix bitcoinHe also noted that the average time for the coin to reach its all-time high was 257 days. However, this 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. The 2011 bear market also took 631 days to reach an all-time high.
Excluding these three bear market rebounds, the InvestAnswers host thinks the average time it took for BTC to hit an all-time high was just 64 days. Analyst Bitcoin recovery He noted about
“Will we go back to where we were 70 days ago, at $68,800? Yes we will be back! I don’t know when, but it could be soon because historically, recovery takes place within 64 days. Remember, these are just numbers. That’s how it happened in history. I know things are much longer now. The cycles are longer, but at the same time, markets are falling and crashing faster than ever before.”
Analyst, $30,000 level bitcoin price He thinks it’s a support level for him. Bitcoin is trading at $36,215 at the time of writing, down more than 14% in the last week.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.