The anonymous host of InvestAnswers says historical data indicates Bitcoin (BTC) isn’t far off from a recovery.
The analyst tells his 405,000 YouTube subscribers that the average correction takes 89 days and the average pullback devaluates BTC about 57% from the top, adding that the average gains after a correction are a whopping 362%.
The host also notes that the average period for Bitcoin to recover to a new all-time high after a correction is 257 days. That number, however, is ballooned by the bear markets in 2017-2018 and 2013-2015, which took 1,079 days and 1,181 days to recover, respectively. The 2011 bear market also took 631 days to recover to a new all-time high.
The InvestAnswers host highlights that when those three bear market recovery periods are excluded, the average time it takes for BTC to surge to a new all-time high is only 64 days.
“Will we get back to where we were 70 days ago – $68,800? Yes, we will. I just don’t know when, but it could be soon because historically, the rebound happens within 64 days. These are just numbers. History. I know things are a lot longer now. Cycles are longer, but also markets fall and crash much faster than ever before too.”
The analyst thinks $30,000 is Bitcoin’s support level. Bitcoin is trading at $36,215.46 at time of writing, down more than 14% in the past week.
Original Source :dailyhodl.com
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