Following the bear market trend of the last few weeks, analyst Benjamin Cowen offers the most realistic scenario for the leading crypto asset Bitcoin.

In a new strategy meeting, Cowen to say Bitcoin has fallen below bull market support, which is noteworthy given that altcoins have also tended to decline against BTC in this case.

“The problem is, if Bitcoin hits its current bottom and a market adjustment is carried out, altcoins will ever fully recover to where they were before Bitcoin had the previous market adjustment.

When Bitcoin is above its 20-week moving average, like in late 2020 through early 2021, altcoins can quickly rebound during those time periods and then quickly hit new all-time highs.

With regard to Bitcoin, Cowen believes that predictions of a catastrophic price crash are unlikely.

“I don’t think Bitcoin will go back to $ 10,000 and spend a couple of years hovering in the $ 10,000-15,000 range. But neither do I see there going to be a parabolic rally next week that will push the price up to $ 100,000.

I just want to be realistic and give people realistic expectations, not just keep waiting for the crazy rallies that people are predicting.

Wait, be careful, be patient, wait until the rally comes to you. “

Source: Benjamin Cowen / YouTube

The analyst also discusses how logically elongated market cycles would include longer periods of sideways price movements.

“I still argue that when bitcoin breaks out of the $ 30,000 to $ 60,000 region like this summer, it looks like BTC will have a protracted cycle ahead.

There were so long periods of re-accumulation in the previous cycle [2015-2017]. Although not for too long, there are certainly periods when Bitcoin goes more or less sideways for half a year …

In addition, it is to be expected that a longer cycle will show even longer periods of sideways movement. “

Cowen concludes his analysis by recording the future price movement of Bitcoin and noting that BTC will return to its all-time high by mid-2022.

Source: Benjamin Cowen / YouTube

“What I expect in the future is not a bear market that will bring us back to $ 10,000. But I am looking for a bottoming out of Bitcoin price action that is moving sideways and then starting to move upwards.

And whenever that happens, whether it’s starting a rally towards $ 42,000 or $ 40,000, or even testing summer lows below $ 30,000, I’m looking for a return to the all-time high to break through and eventually move higher .

And then hopefully prove the correctness of the extended cycle theory and keep moving in the right direction. “

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Annie

According to Dailyhodl

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