Having recorded its biggest decline since March, how long Bitcoin will recover has become an important question for both investors and market followers. Some experts suggest that the recovery for Bitcoin may not be as fast as expected, and they give a somewhat skeptical answer to the question ‘Will Bitcoin rise?’
Bitcoin brought to mind its latest decline with the depreciation it has suffered in the last few days. Bitcoin (BTC) dropped around 40% in one day in March, the first stages of the global coronavirus epidemic. Although not as harsh as in March; BTC, which reached the level of $ 12,400 about 20 days ago, encountered a decrease of almost 20% in line with the recent developments. Although Bitcoin has recovered in the past few hours, it is trading in the range of $ 10,400 – $ 10,500, down 3% in the last 24 hours.
While most experts say that these low prices should be turned into an advantage for investment, some experts think it may take some time before Bitcoin hits the $ 12,000 level again. Bitcoin managed to recover quickly, thanks to investors who wanted to take advantage of low prices, from other pullbacks experienced in the first half of 2020. This time, as many experts suggest, Bitcoin will not be able to quickly create such a “V” chart.
What Experts Say
Some analysts and commentators predict that the recovery process of this decline in Bitcoin cannot be as rapid as other periods. Trader and commentator Michael van de Poppe, known as Crypto Michael on social media, stated that there are 2 important points to follow with his tweet after the decline of Bitcoin. One of them was the value of Bitcoin, which should remain above $ 10 thousand, and the other was the “V”-shaped chart that was expected to draw. But according to some analysts, it will take some time to draw this chart.
Analyst Edward Morra said he thought it would take days for BTC to see $ 12,000 with a chart he shared on Twitter. According to some opinions, one of the reasons why this time recovery takes more time is that Bitcoin is increasingly sensitive to traditional markets. According to COO of Stack founder Matthew Dibb, Bitcoin’s decline parallels the losses on Wall Street on Thursday. Dibb suggests that if BTC correlates more with global stock markets, the price could drop below $ 10,000.