According to many market experts, Bitcoin is about to start a new bull market. So what awaits BTC price on this road to the rally? Popular crypto analyst Benjamin Cowen He mapped the path to the bull. Here are the details.
Cowen said in a new strategy session that Bitcoin price will consolidate above the $30,000 range before a major correction move.
The crypto strategist also predicts that BTC will likely create an uptrend around $20,000 before recovering.
“I think the more optimistic scenario would be to see a bearish divergence to $30,000 perhaps for a while if the drop to $16,000 is a bearish divergence. Here it stays at $30,000 and then comes back, makes a higher low (lower than the previous one) and then rises.
This would be a more optimistic scenario. ‘How is that a more optimistic scenario?’ you can say. Even in 2015 you had two fake breakouts. We’re back in 2019 with a vaguely higher low. So I don’t know why we should assume it will be different this time around in that respect.”
Koinfinans.com As we reported, Cowen also expressed his views on theories of dollar hyperinflation, which is expected to push risky assets like Bitcoin and crypto into new parabolic rallies. The analyst says a more likely scenario is actually deflation triggered by a recession.
“I know there are some theories that we’re going to have hyperinflation and that sort of thing and that this will lead to rapid upward price action of BTC/USD. But what I think is more likely than hyperinflation would actually be a rapid drop in inflation through a recession. I think that’s a more likely scenario based on a lot of forward-looking indicators that you can look at in terms of macros.”
Finally, at press time, Bitcoin is trading at $27,874.
You can check the price movements here.