Bitcoin Analyst Predicts One More Dip Before Next Bull Market
A prominent crypto analyst, Benjamin Cowen, believes that Bitcoin (BTC) will experience one more significant decline before entering a new bull market. Cowen, who has a large following on YouTube, explains that the timing of the dip will determine whether it forms a double bottom pattern, a lower low, or a higher low.
Cowen utilizes logarithmic progressions to forecast the price of BTC over time. He notes that during each bear market, the price tends to bottom out one band lower than the previous cycle. This pattern emerges due to the assumption that exponential gains are more likely to occur in the early stages of an asset’s history.
As of now, Bitcoin is trading at $25,868, showing a slight increase in the past 24 hours.
Hot Take
According to analyst Benjamin Cowen, Bitcoin is likely to experience one more significant dip before entering a new bull market. This prediction is based on logarithmic progressions and historical patterns observed during previous bear markets. Cowen suggests that the timing of the dip will determine its form, whether it be a double bottom pattern, a lower low, or a higher low. Despite the potential dip, Bitcoin is currently trading at $25,868, indicating a small increase in value. Investors should keep a close eye on the market to see if Cowen’s prediction holds true.
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