Bitcoin Recovery Could Take Months, Experts Warn,Bitcoin could take several months to recover from the downward slide in value that the cryptocurrency has seen since May, according to experts. Technical indicators suggest a wide range of potential levels of support for Bitcoin, ranging from $20,000 (roughly Rs. 16 lakh) to $12,000 (roughly Rs. 9,58,900), which hint at another plunge for the world’s biggest cryptocurrency. Here’s why some experts think Bitcoin may not rally for about a year.
Bitcoin Recovery Could Take Months, Experts Warn
If you’re waiting for a bitcoin recovery, you may have to sweat it out for months. That’s the conclusion of some technical specialists seeking method from the madness. Bitcoin’s slide since May, swamped by economic angst, has knocked it below its 200-week moving average, at around $22,600 (roughly Rs. 18,05,800), as well as its 200-day moving average around $35,500 (roughly Rs. 26,76,700). It’s now been moving relatively sideways for more than a month, hovering close to the 200-week moving average.
Valkyrie Investments, for one, says its research is pointing to an upside move – but that it isn’t clear when.
“Historically we’ve accumulated (around the 200-week average) for three to six months,” said Josh Olszewicz, Valkyrie’s head of research, referring to a period of sideways trading before a price break upwards.
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