Widely followed crypto analyst Benjamin Cowen is currently bitcoin He says it’s not time to wait for a full-blown bull market for (BTC) and crypto.
In a recent strategy session, Cowen tells his 785,000 YouTube subscribers that Bitcoin may be at risk of another “summer recession.”
Cowen points out that April 2021 and 2022 mark both local highs and the start of several months of downtrends for BTC.
According to the analyst, if this situation continues, it will be in line with his thesis that BTC will not be able to fully exit the bear market until late this year or early next year.
“Overall I would argue that this is most likely to be a summer lull 2.0 and we will go back and hit these lows before we put on our rally hats as we enter the halving year. This is my general expectation. I’ve made it pretty clear for a long time that the recovery years are brutal for both sides. Congratulations to those who played both sides, but my overall expectation for the rest of this year is that we will likely see prices come back down.”
Because the U.S. economy is currently at risk of witnessing a recession, Cowen said, crypto- He says the time to be optimistic about the economy is probably late 2023 to early 2024, when fears of an economic downturn have been averted or suppressed.
“The altcoin market should still be bleeding against Bitcoin, and at the end of this year, when the risk of recession is avoided or realized and we get out of it, late this year or early next year, I think it will be time to really be a little more optimistic in these markets.”
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