How Long Will It Possibly Take The Crypto Market To Recover From Embarrassing Situation
The market crashed when will it possibly recover? Is a question we should be asking ourselves as the current state of the crypto market is nothing to write home about. With the collapse of FTX and serval unreasonable activities which were not healthy for the ecosystem from the fall of the crypto lending platform Celsius, brokerage firm voyager.
As of writing bitcoin still remains below the -200 week moving average, a popular analyst Nicholas Merten says that is possible that bitcoin will move another leg down to trading at $13,600 which might possibly be it’s bear bottom;
“We are well below that 200-week moving average. This is the first in Bitcoin’s history. On top of that, we just simply take a look at the percentage decline from top to bottom, we got to around 77.6%. Definitely looking like we might be getting close to that 80% target that I think many of us would agree is likely more in line with what we should expect. But, important to step back and again, another reminder here, that an additional 3% or 4% for Bitcoin takes a lot of effort.
It’s going to take us well below that $14,000 target towards around $13,600.
I would say, again, while everyone’s got different opinions on this, to be a bit more cautious. I would expect that if you’re really trying to buy the dip and you’re not going to wait for a trend reversal… We would likely expect something in this pocket somewhere around 82% and 84% as we reach that big even number of $10,000.”
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