Renowned analyst Benjamin Cowen says that the Bitcoin market cycle is determined by two key factors.
Brothers share with its 553,000 YouTube subscribers for a chart that tracks BTC’s market cycles throughout history. He believes the chart has the potential to reveal future patterns for the benchmark cryptocurrency.
“I looked at this chart years ago and speculated about two things. First, Bitcoin will have decreasing returns with each cycle. The second is that the next Bitcoin cycle will be longer than the previous one. The two are not mutually exclusive, you can have one without the other, and if $ 64,000 becomes the top of this cycle then Bitcoin will only have diminishing returns instead of a long cycle.
However, I am still speculating that this cycle will continue and that Bitcoin will eventually cross the $ 64,000 mark before the next halving. I think Bitcoin could hit a new all-time high this year or next and will continue to move higher. Right now, I don’t think Bitcoin is headed for an accumulation phase or a three-year bear market. “
Source: Benjamin Cowen
Bitcoin is trading at $ 42,277 at press time and is down nearly 15% over the last month, according to CoinGecko.
Cowen says this cycle is different from 2017 as Bitcoin hasn’t hit a new all-time high since April. Bitcoin rebounded to a record high in 2017, followed by a market crash in fall 2018.
He thinks the current bull run is similar to 2013 and looks like a stretched version of 2013.
“In 2013 the Bitcoin market entered a medium-term lull. Bitcoin is currently experiencing a similar lull. I expect Bitcoin to see another rally. However, is it a steep rally to $ 300,000? Absolutely not. This rally is exactly what happened in 2013, but that doesn’t mean it has to happen this year. “
Source: Benjamin Cowen
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