How long will it take for Bitcoin to pull back?
As the price of Bitcoin ($BTC) has retreated in recent weeks, there has been a lot of panic selling in the market. At the time of writing, Bitcoin is trading at $57,208, up 3.1% in the past 24 hours, but still not Recovering a single-month loss of 17.8%.
Image source: CoinGecko
For investors, the most concerning question at this stage is when will this correction end? When will the next wave of rebound appear?
Analysts reveal historical trends
Benjamin Cowen, a well-known cryptocurrency analyst who once accurately predicted the bottom of the bear market and has 802,000 subscribers on YouTube, recently shared his views on this wave of corrections in the latest episode of his personal YouTube channel.
Benjamin Cowen used historical data from 2019 in the video. He pointed out from the chart that it took Bitcoin 202 days in 2019 to break out of a similar downward trend as in recent weeks: "If you actually look at the price from Bitcoin The time frame for the coin to peak and actually break out of the channel (in 2019), excluding the crash caused by COVID-19, took approximately 202 days.”
It is likely that the price will not rise until "this time"
Benjamin Cowen pointed out that Bitcoin has been in a downward trend for 114-115 days. If it is consistent with historical trends, it will take at least 90 days, that is, around October this year, to get back on the upward track.
Image source: Youtube
He compared two charts from 2019-2020 and 2023-2024, and marked the four lows during the correction period in 2019 on the chart: "The position we are currently in is very interesting. In the short term, This trend line may become important."
Image source: Youtube
However, Benjamin Cowen also reminded that although history can provide a reference, it is only "similar" and does not mean that Bitcoin in the second half of the year will completely repeat the trend of 2019. Investors can refer to historical data, but they also need to respond to the market flexibly. changes.
Finally, Benjamin Cowen recommended that investors remain patient with short-term price fluctuations instead of expecting an immediate rebound: "Maintain a rational investment mentality, do a good job in risk management, continue to pay attention to long-term trends, and operate at the appropriate time."
For volatile markets, only cautious and rational investors can ultimately survive and remain invincible.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
