A top crypto analyst says Bitcoin (BTC) will likely see another big decline before it gets a chance to enter a new bullish cycle.
In a new video update, analyst Benjamin Cowen tells his 787,000 YouTube subscribers that the top crypto asset by market cap is due for another decline before the next bull market begins.
Given the logarithmic progression, Cowen says that depending on the timing, the decline could either form a double bottom pattern, a lower low, or a higher low.
“I suspect that’s going to happen before we have enough juice to go into a real bull market and not have any of these fake pathetic markets that everyone loses their minds over during the first half of the year, I think. that we will visit [the lowest] Regression bands.
I think there’s a good chance, and depending on when that happens, it will determine whether it’s a lower low, double low, or higher low. If you want to say double bottom then it would mean that it will not happen before February 2024.
So if it happens by February 2024 or if it doesn’t happen by February 2024, it could correspond to a double bottom. If it happens earlier, it may correspond to the following. If it happens after that it may correspond to a higher low. “It all depends on when that happens.”
Logarithmic bands track an attempt to predict the price of an asset over time and position themselves at a previous high or low. With different colored bands representing each price range. According to Cowen, during each bear market, the price of BTC drops one band lower than the previous cycle.
“Logarithmic progression assumes that the asset has exponentially higher returns than ever before in its history. The sooner the asset rises, the more likely it is to experience those exponential gains. The further you go, the harder it becomes to move the price because the market cap is so high.
So you have a low, which is kind of set on a regression band, and then you have a higher low, but [on] A lower regression band. Now keep this in mind because you’ll see this pattern emerging every time.”
Source: Benjamin Cowen/Youtube
At the time of writing Bitcoin is trading at $25,868, a fractional increase over the past 24 hours.
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