Benjamin Cowen, bitcoin He thinks the bears are out of power after the price lost 75% from its high.
Benjamin Cowenbased on the profit-to-loss ratio of Bitcoin supply, he thinks the bears are losing momentum as the BTC price continues to drop.
“You can see the bears are losing momentum… So with each new drop, like the first big drop, the bears had a strong momentum. They maintained their momentum in the second drop. Later that momentum waned. In the fourth drop, however, the momentum really slowed down. So as we go deeper into the bear market, the bears are slowly losing momentum.”
The analyst also noted that what comes after the bears lose momentum is the consolidation phase before the bullish cycle begins.
“This is the first foot drop, great momentum. As they go down they lose momentum and eventually the bulls stabilize the bears, we enter that long accumulation phase… Then we prepare for the next cycle.”
According to Cowen, the current bear market reflects previous bear markets despite the unique challenges the crypto industry faces in 2022, including crashes and adverse macroeconomic conditions.
“Despite everything crypto has been through this year, just Celsius and FTX and Terra (LUNA) and all that stuff and more recently BlockFi and all the FUD going on today. [korku, belirsizlik ve şüphe] Not with things like that, but with a potentially impending recession, despite all that, so far this isn’t much different from what we’ve seen in every single bear market.”
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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.