Bitcoin May Already Be In the Accumulation Stage, Says Analyst Benjamin Cowen

Bitcoin Potentially Already in Accumulation Phase

According to a well-known cryptocurrency expert and trader, the bear market for Bitcoin may be coming to an end.

Benjamin Cowen explains to his 756,000 YouTube followers in a new strategy session that he is analyzing Bitcoin’s running return on investment and contrasting its current performance with the 2018 and 2014 bear cycles.

According to Cowen, the running ROI of Bitcoin might indicate whether the top digital asset is nearing the end of the bear market or not.

“The last time the 90-day [running] ROI got really this bad was all the way back in 2018 and then before that, it was all the way in 2014. Neither of which necessarily marked the bottom, but both times it did it, you can see that we did eventually have another leg down into a market cycle bottom.”

The 180-day running ROI of Bitcoin is another factor that Cowen is studying. According to Cowen, this ROI suggests that BTC may be due for one more sell-off before preparing for its upcoming market cycle.

“We’ll just pull up the 180-day [running] ROI because this one’s probably the most interesting from this bear market perspective. It’s been in a fairly brutal downtrend for for quite some time, but perhaps the most interesting thing to do is to compare it to 2018 and 2014 when we had those fairly brutal downtrends for a while and then things cooled off for a bit and then you entered into that sort of final leg down and then into the accumulation phase.

I would speculate that Bitcoin is, you could argue, either in the latter part of the bear market or at the beginning part of the accumulation phase for the next market cycle. On a macro scale, buying Bitcoin below $20,00 is a fairly attractive price, but in the short term, we could eventually see another leg down into a cycle bottom in line with the one-year [running] ROI. There certainly is a possibility that happens.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News