Bitcoin (CRYPTO: BTC) bounced above $63,000 on Monday, yet the bottom may take a while to form, according to a prominent technical analyst.

Bitcoin rose about 2% to near $63,000 on Monday in an oversold bounce, after a brutal week that dragged it below $60,000 and wiped roughly $390 billion off the crypto market.

Bitcoin (CRYPTO: BTC) bounced above $63,000 on Monday, yet the bottom may take a while to form, according to a prominent technical analyst.