Related: 7 Bitcoin Experts Examine the Future of Crypto

Bitcoin has been in a tailspin since early May and some traders believe the digital currency needs to make significant gains before market participants turn bullish.

By some estimates, bitcoin would need to jump 30% to legitimize any rallies from current levels. A move of 20% typically confirms a new bull market. Some traders are concerned that bitcoin needs to fall significantly from current levels just to establish a legitimate bottom.

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