Popular cryptocurrency analyst Benjamin Cowen believes that bitcoin and other digital assets may soon go up, but before that the market will still noticeably fall.
In another video on his channel, Benjamin Cowen said that it would be reasonable to expect a repeat of the 2018 scenario. Then Bitcoin fell noticeably, then recovered slightly in several stages, and then again fell sharply to the lows of that cycle. And only after that began a gradual, but fairly confident recovery.
“Even at the beginning of the year, we urged not to try to “find the bottom” as quickly as possible. After all, during a bearish trend, the market is constantly like this – a fall, consolidation, a slight increase, but then a new fall. We are looking for simple signals – the intersection of the 200-day moving average and the Bitcoin chart, ”Cowen noted.
The analyst expects that the intersection of the charts once again should be expected around December 25. That is when Bitcoin will bottom out in the current bearish trend.
“Of course, I cannot say that all this will come true to the minute. But much speaks in favor of such a scenario. The current bearish trend lasts about a year and, historically, the fall of the Bitcoin market lasted for a year. In 2014, the bearish trend lasted 14 months, and in 2018 it lasted 12 months. In general, there will soon be a good period of time to start growth,” the analyst believes.
At the beginning of the year, Benjamin Cowan warned about the continuation of the bearish trend, and in the middle of the year he said that we should not expect a strong recovery in bitcoin by the end of the year.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
