The cryptocurrency moved closer to $ 52,000 on Sunday, hitting a record high last week, quickly above 64,800. The sell-off was tied to rumors of a regulatory crackdown in the United States, a common fear for Bitcoin investors.
According to Ari Wald, Oppenheimer's head of technical analysis, however, this kind of step backwards seems to be the equivalent of a bitcoin course.
"Let's take a look at some things," Wald told CNBC's "Trading Nation" on Monday. “In August, Bitcoin had a 20% drawdown, in November 1 a January% drawdown, in January 31%, in February 226%, in March 16% and now about 1.% in the troupe. It certainly was nine months harder for Bitcoin investors, wasn't it? No! ... In the period between the recent lows from the peak of August, Bitcoin has risen 315%. "