CNBC's Jim Cramer said on Wednesday that it could be years before the price hits its old high.
According to Tom DeMark, the charts suggest that there could be a nice relief rally over the next few months, even if he doesn't see it revisiting its old highs for a long time.
He said that if you still own some and want out, you could get a better price if you dip down.
The market for cryptocurrencies has had a rough year as investors have sold off their holdings due to inflation and the Federal Reserve raising interest rates. The world's largest digital currency has fallen far from its highs, with some predicting it will plunge further.
According to the host of " Mad Money", DeMark has a 13-step buy and sell list that helps him identify the top and bottom of the digital currency. He said that a certain number of sessions would eventually lead to the buying or selling of exhausts.
Cramer looked at the daily chart of the digital currency from April of last year to today. You can see the chart here.
The chart shows that since 2020 there has never been a downside of more than 50% on a closing basis, until recently.
When a decline is ugly, it can cause structural damage to the asset. According to DeMark, it could take many years for the price of the digital currency to reach its old highs. He said it was possible we would never see them again.
Cramer said that it doesn't mean that bitcoins can't bounce.
Cramer gives an explanation in the video below.
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