Fundstrat Global Advisors: Bitcoin needs time to regain positions

The negative dynamics noted at the beginning of this year and supported by an impressive drop in the market, when bitcoin managed to lose $ 3,000 from its price in less than a day, continues to put pressure on quotes of digital assets along with the spreading coronavirus.

“The collapse of the cryptocurrency market was the result of the panic that was observed in all asset classes. Significantly low highs and lows were observed on the Bitcoin price chart, leaving its long-term profile weakened, potentially vulnerable, ”said Robert Slimer, an analyst with Fundstrat Global Advisors. Despite the fact that the cryptocurrency has growth potential, it will probably take months of consolidation to eliminate existing technical damage and return to previous levels, he stressed.

It is worth noting that this week quotes of digital assets showed a corrective movement. In particular, bitcoin recovered by 15% and rose above the level of 6000.00.