When will Bitcoin (BTC) survive the effects of the last collapse?

According to the latest report released by Fundstrat Global Advisors, Bitcoin (BTC) may need several months to recover after the recent collapse.

Although the report says that the techniques below the Bitcoin price are not very healthy, there was another 13 percent increase in the price of BTC as of the date the report was published. However, the leading crypto asset is still trading 36 percent lower than the February peak of $ 10,300.

The collapse triggered by traditional markets in the past days has seriously affected the 5-year trend of Bitcoin. However, the fact that Bitcoin is still above the 200-week moving average is considered a very important level of support. In the collapses of 2015 and 2018, this average served as a serious support for Bitcoin.

Bitcoin is making great efforts to solve the problems it is currently experiencing. The rising trend on Wednesday regardless of traditional markets can be seen as the biggest sign of this. Leading crypto assets experienced the highest earnings per day since October with a 20 percent jump on Thursday. Bitcoin also dropped again after rising to $ 6,838 during the day. As of writing, the leading crypto asset is trading at $ 6,273.

While Bitcoin is trading above $ 6,000, Vijay Ayyar, senior manager of the crypto exchange Luno, said in a statement to Bloomberg that Bitcoin could touch the $ 6,500 level and the leading crypto asset would be trading at a level between $ 3,000 and $ 6,000 as the halfway event approaches.