Bitcoin’s Potential Bottom According to Analyst Benjamin Cowen 📉
Renowned crypto analyst Benjamin Cowen shares insights on when Bitcoin (BTC) could potentially hit rock bottom as the premier digital asset hovers around $63,000.
Market Cycles Comparison 🔄
- Cowen highlights that the current Bitcoin price action mirrors the trends seen post the 2016 halving more than the 2020 event.
- Many long-term Bitcoin followers draw similarities between the current cycle and that of 2016.
- According to Cowen, there is a likelihood that Bitcoin might reach its cycle low in the following weeks based on the Bitcoin Return on Investment (ROI) After Halving metric.
- This metric compares the current price of Bitcoin to its price at the time of halving, occurring every four years.
- The most recent halving took place on April 19th.
ROI Insights 📊
- In 2016, it took about three and a half months after the halving for Bitcoin’s ROI to rise above one.
- This historical data could indicate the possibility of a summer bottom for Bitcoin.
- Comparing the ROI between the halving and the 2016 cycle provides additional evidence for a potential summer low.
Current Status of Bitcoin 💰
- Bitcoin is currently priced at $62,798, showcasing a slight increase in the last 24 hours.
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The post Here’s When Bitcoin Could Bottom Out Based on Historical Precedent, According to Analyst Benjamin Cowen appeared first on The Daily Hodl.
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