It has proven to be a tough year for Bitcoin, and according to a technical analyst, it’s going to take “months to repair” before another rally takes place.

Bitcoin Could Use Some TLC
Bitcoin is currently trading at $6,571, according to CoinMarketCap. Its market cap is worth $113.6 billion. Yet, it’s a far cry from its mid-December figures. At its height, it was trading at nearly $20,000 and had a market cap valued at $327.4 billion. Fast forward to October and the market has taken a decidedly different turn.

For several months, bitcoin price in India has remained within the $6,200 and $6,800 range. Throughout 2018, though, it hasn’t gone any higher than $8,000. With the number one crypto asset not showing signs of improvement, one technical analyst thinks it’ll take months to repair, reports MarketWatch.

An analyst at Fundstrat Global Advisors says it will take months to repair the technical damage to cryptocurrencies.

Rob Sluymer, technical analyst at Fundstrat Global Advisors, stated:

Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop. This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.

In Sluymer’s opinion, a turnaround in Bitcoin’s price will be when it reaches September’s high of $7,400. At the moment, though, it remains out of reach of that figure. That’s not to say it won’t reach new highs again. Given increasing institutional interest, it’s likely that this will help to boost figures across the board.