Analyst Made History: Prepare for Bitcoin Bottom Price!

Analyst Benjamin Cowen, bitcoin He explained that he is investigating when the price may reach a bottom. The analyst closely examines the historical patterns of BTC bear markets to strengthen his prediction.

Expressing his views in the strategy session he published on his YouTube channel, Benjamin Cowenexamined whether the Bitcoin price has reached the bottom level. The analyst expects a scenario similar to 2018, where the BTC price made a series of high lows ahead of new lows to reach the bottom.

“So far, the scenario of hitting bottom in 2022 hasn’t worked for anyone. That’s why we said at the beginning of the year not to worry too much about things like we are close to hitting bottom in 2022.

When you’re in a bear market, you give it a little more time and we tend to go lower.

If we follow a similar pattern here, the following emerges. We can predict the 200-day simple moving average, if it continues downward on its current trajectory, where will it land?”

Bitcoin price prediction

Based on historical comparison, Benjamin Cowen thinks a potential capitulation event could occur around December 25 of this year, when Bitcoin hits its lowest point before preparing for another bull market.

“You can see that in late December, towards Christmas, December 25, December 26, December 27, the holidays will intersect somewhere.

I can’t really tell where exactly it will take place. However, this bear market has been going on for a year and has historically tended to last a year. It took 14 months in 2014 and 12 months in 2018. So, in terms of time, we can typically predict when bottoms occur. We are in that range right now.”

Koinfinans.com As we reported, at the time of the news, Bitcoin was trading at $ 16,608, which means a partial decrease during the day.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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