Comparing Bitcoin’s Previous Cycles, Analyst Shared Worst Scenario for BTC!

After the Fed announced its interest rate decision last week and Fed chairman Jerome Powellafter his speech Bitcoin (BTC) and altcoinrally took place.

After this rally BTC It exceeded $24,000 but could not continue this gain. BTC, which has been falling for the past few days, is currently at $23,000.

Popular where Bitcoin lives and evaluates the rises cryptocurrency analyst Benjamin Cowen In his recent YouTube video, he commented on the level Bitcoin might go if it drops further.

bitcoin Evaluating the worst-case scenario for BTC, Cowen claimed that BTC could drop over 47% from its current value.

Cowen thinks the worst-case scenario for Bitcoin is when BTC drops to $12,000 in August 2023.

“If last November was not the bottom for Bitcoin, I think the bottom for BTC was $12,000 and will come in August 2023.

This is the worst case scenario for BTC.

The first drop for BTC was in May 2022, the second drop was in November 2022. I expect the third drop and bottom to be in August 2023.

In this scenario, I expect BTC to rise first and go to $26,000 on the downward path. “

Evaluating the possibility of Bitcoin falling below its November level in the worst case scenario, Benjamin Cowen looked at MA 50.

MA 50 Stating that the level served as an important resistance indicator after a long bear market in previous cycles, the analyst argued that the MA 50 may be on the verge of doing this again.

“Basically we have three examples ahead of us after a long bear market. The first is in 2012. First rejection, then a higher bottom and boom.

The second is in 2015. First refusal, then double bottom and then burst.

The third one happened in 2019 and it’s the same scenario again.

The 50-week moving average offers some resistance, at least on the first try. In this context, where is the 50-week average currently located? The answer to that question is just over $25,000.”