While the cryptocurrency market is slowly changing its sentiment as the bulls take over, Bitcoin and majority of the altcoins have made some handful gains in the last 24 hours as a compensation to the losses suffered last week.
Amid various speculations of which direction the market will head next, this analyst says that Bitcoin will see an 362 percent rise after correction.
According to the anonymous host of InvestAnswers, historical evidence indicates that Bitcoin (BTC) is on the verge of a comeback. Bitcoin at the time of writing is trading at $37,234 and has gained almost six percent in the last 24 hours. The analyst hints that $30,000 is the support level for Bitcoin.
The analyst tells his 405,000 YouTube subscribers that the typical correction lasts 89 days and that the average downturn devalues BTC by around 57 percent from its peak, with average gains of 362 percent after a correction.
The host also points out that it takes an average of 257 days for Bitcoin to recover to a new all-time high after a decline.
However, the bad markets of 2017-2018 and 2013-2015, which took 1,079 and 1,181 days to recover, respectively, inflated this figure. He said that it took 631 days for the bear market of 2011 to return to a new all-time high.
When those three bear market recovery periods are omitted, the average time it takes for BTC to rocket to a new all-time high is only 64 days, according to the InvestAnswers host.
“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.”