We have witnessed a significant collapse in the cryptocurrency market and it shows some signs of getting recovered at the moment. Do you think that it will get stabilized somewhere around the current position or will it grow back to the full potential it has shown a few months back or even more?
Bitcoin did have dramatic fall from $20k to $6k. There were actually some small pumps along the way, but no major trend changes since resistance at $10k is just too great.
I don't think that we're showing signs of recovery right now, or at least just yet.
It's very likely that we're going to be in an overall sluggish market for at least a few more months. Of course, we are going to consolidate before the recovery happens. And I don't think that the current level of $7k-8k per BTC is necessarily the lowest point we're going to hit within this bear market, before the recovery comes underway.
So I'm going to say, to the best of my knowledge and even though I'm a long term bitcoin bull, prices are going to continue to move sideways or potentially a bit downwards for at least until December this year.