Benjamin Cowen, one of the most well-known analysts in the crypto community, commented on the bottom level in the crypto market in his latest analysis video he shared with 770 thousand Youtube followers.
Famous analyst, largest cryptocurrency Bitcoin Comparing it to the 2014 and 2018 bear markets, he estimates the bottom is not far from where we are now.
According to the chart shared by Cowen, Bitcoin, which reached an all-time high in November of last year, has lost 75% of its value since then. In the previous 2014 and 2018 bear markets, Bitcoin’s descent from the top to the top was around 80%.
“If Bitcoin’s depreciation from its high goes in a similar direction to what has happened in the past, this could be a big sign that the market will bounce back.”
Benjamin Cowen commented on the decline in the overall value of not only Bitcoin, but the entire crypto market.
Altcoins Could Drop More Than Bitcoin
The famous analyst made an interesting conclusion by reminding that the total value of the crypto market decreased by 87% and 78% in 2014 and 2018, respectively.
In the bear market we have been in over the past year, the total market value has decreased by 70%. Cowen is in a possible selling wave, pointing out that the bottom recession rate is closer in Bitcoin altcoin He predicted that investors would suffer greater losses.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!