According to the host of InvestAnswers, Bitcoin (BTC) isn’t much away from making a recovery. The host made these predictions after referring to the historical data. 

Addressing his YouTube subscribers, InvestAnswers host said that 89 days are taken by average correction and average pullback devaluates BTC about 57% from the top, adding that after a correction the average gains are 362%. 

The host also indicated that the average time for BTC to reach its all-time high after a correction is 257 days. Though in the past this has proven to be completely wrong, In 2017-18 it took 1,079 days for the market to recover, in 2013-2015 it took 1181 days to recover and in 2011 it took 631 days.  

The host also indicated that if these occasions are excluded, the average time for the BTC market to recover is only 64 days. 

The analyst thinks that $30,000 is the support level of BTC and at the time of writing, BTC was trading at $36,640.     

Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.

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