lt will take “weeks, if not months” to repair the “technical damage” caused by the recent collapse of Bitcoin

Speaking on the recent breakdown of Bitcoin (BTC) price, Fundstrat Global Advisors analyst Rob Sluymer has stated that the collapse has sent the market into the “deeply oversold” area, and long-term indications are not favorable for an immediate rebound.

Sluymer has stated that a steady rally is possible, but that “this week’s breakdown produced significant technical damage that will likely take weeks, if not months to repair to create a durable enough price structure to support a multi-month rally”.

Also read: Ohio Congressman Warren Davidson plans to introduce a bill that would allow ICOs to “sidestep” U.S. securities laws

Source: https://www.cryptodigest.com/btc/bitcoin-breakdown-may-take-months-to-repair-analyst/