Popular crypto analyst Benjamin CowenIn the last few weeks, the top crypto asset Bitcoin (BTC) shared his views on where to go after a downtrend.
Speaking at a new strategy session, Benjamin Cowen told 659,000 YouTube subscribers. bitcoinHe stated that . has fallen below the bull market support band; This is notable because altcoins will also tend to fall in price against BTC when this happens.
“The problem will be that when we are at the current low and we have tremors, altcoins will never fully return to where they were before Bitcoin experienced its previous tremor.
When Bitcoin is above the 20-week moving average, like here [2020 sonundan 2021’in başına kadar]“We know that during these phases, altcoins can quickly recover and then quickly hit all-time highs.”
Cowen considers predictions of an epic price crash unlikely as he continues to tackle Bitcoin.
“Do I think we’re going to go back to $10,000 and spend a few years between $10,000 and $15,000? No way! However, I do not think and do not see that we will experience a parabolic rally next week that will take us to $100,000.
I just want to be realistic and keep people realistic with realistic expectations, and it’s just not realistic to constantly expect these crazy rallies that everyone is predicting.
Wait, be patient, wait for the rally to come to you.”
The analyst then discussed how extended market cycles would logically include longer sideways price movements.
“Still, from these levels as we do in the summer [30.000 ila 60.000 dolar] If we bounce, I’d argue it still looks like it’s in a long loop.
in the previous cycle [2015-2017] we went through these long phases of reaccumulation. They weren’t that long, but there were phases where Bitcoin went more or less sideways for over half a year…
Also, a prolonged cycle can be expected to have longer side periods.”
Cowen concluded his analysis by plotting the future price movements of Bitcoin, stating that he believes BTC will revisit all-time highs once again by mid-2022.
“What I want to see going forward is not a bear market that will take us back to $10,000. But I’m also looking at options for Bitcoin to start bottoming, sideways and then rising.
And then whenever that happens, whether it starts rising from $42,000, $40,000, or hits the lows of the summer. [30 bin doların altında] even if you test it, what I’m looking for at that point is to go back to the top. all-time high first, break it and then go on the highest trend.
And then hopefully we can prove the elongation loop theory is correct and continue along the way.”
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