According to experts from asset manager Ark Invest, Bitcoin price could rise by 240% from current levels if the asset manages to gain a foothold above the 200-week moving average.
Analyst Yassine Elmandjrahas said:
“Bitcoin has returned to the 200-week moving average after breaking it for just the seventh time in price history. The annual return of the asset after the recovery of 200 MA averages about 240%.”
Ark Invest specialists have noted the behavior of prices looks more like a sell-off at the peak of the COVID-19 crisis than a bear market in 2018.
At the same time, the firm’s analysts have admitted if the correction turns out to be as serious as in 2018, the price of Bitcoin could fall far below current levels.
