How Soon Can Bitcoin Recover Following Recent Price Correction? | CryptoGazette
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The crypto market is slowly but surely recovering following its recent price drops. Bitcoin is doing well today, and the king coin is trading in the green.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $36,408.
More investors are wondering how long could it take until BTC can recover following the latest price corrections.
The anonymous host of InvestAnswers said that historical data is showing the fact that Bitcoin (BTC) isn’t far off from a recovery.
The analyst made sure to explain that the average correction takes 89 days, and the average pullback devaluates BTC about 57% from the top. He also added that the average gains after a correction are a whopping 362%.
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.”
Bitcoin whales today
It’s been revealed that Morgan Creek Digital co-founder Anthony Pompliano is currently addressing key on-chain metrics to determine whether Bitcoin (BTC) whales are already accumulating the king coin as it trades close to $30,000.
He recently said that Bitcoin whales have largely stayed on the sidelines during the latest sharp correction that saw BTC lose over 50% of its value in two months.
“There’s still a lack of large buyers. The whales on-chain, those entities with over a 1,000 Bitcoin, they simply are not buying in any material way. It’s basically just going sideways… So even though the price is going up and down, we still are just seeing sideways movement.”
The Bitcoin bull says that whales need to start gobbling up BTC in order for its price to start rising.
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