Bitcoin bounced off the (BTC) oversold zone and showed signs of recovery, with the analyst stating that he expects prices to take a breather for at least a few weeks.
Although Bitcoin and the US stock markets have been in a downtrend for a while, famous analyst Bob Loukas stated that the recovery process in the markets may begin. According to Loukas, markets may bounce off oversold levels and rebound over the course of a few weeks.
Recently, Bitcoin, the S&P 500, and the Nasdaq have been under massive selling pressure. While Bitcoin fell to the level of 76 thousand dollars, the US stock markets also experienced sharp declines. In the same period, gold exceeded the $3,000 level and reached its historical peak. However, Loukas said in a post last week that the end of panic selling is nearing its end and that the market will tend to recover, at least for a while.
Loukas emphasized that the market is "nearing the end of panic selling for now" and that prices may enter the recovery process. The analyst said, "Let the cycle gain upward momentum now. That leap was long overdue." ** used the expressions.
However, Loukas states that after this recovery, the market will enter a re-evaluation process and investors will make new decisions. "The market may recover for at least a few weeks, but then there will be a re-evaluation process," Loukas said. ** and urged investors to be cautious.
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Bitcoin Can Take a Breather for a Few Weeks: Analyst Expects Recovery in Prices! - Coin Newsletter
Bitcoin bounced off the (BTC) oversold zone and showed signs of recovery, with the analyst stating that he expects prices to take a breather for at least a few weeks.
Although Bitcoin and the US stock markets have been in a downtrend for a while, famous analyst Bob Loukas stated that the recovery process in the markets may begin. According to Loukas, markets may bounce off oversold levels and rebound over the course of a few weeks.
Recently, Bitcoin, the S&P 500, and the Nasdaq have been under massive selling pressure. While Bitcoin fell to the level of 76 thousand dollars, the US stock markets also experienced sharp declines. In the same period, gold exceeded the $3,000 level and reached its historical peak. However, Loukas said in a post last week that the end of panic selling is nearing its end and that the market will tend to recover, at least for a while.
Loukas emphasized that the market is "nearing the end of panic selling for now" and that prices may enter the recovery process. The analyst said, "Let the cycle gain upward momentum now. That leap was long overdue." ** used the expressions.
However, Loukas states that after this recovery, the market will enter a re-evaluation process and investors will make new decisions. "The market may recover for at least a few weeks, but then there will be a re-evaluation process," Loukas said. ** and urged investors to be cautious.