Popular cryptanalyst Benjamin Cowen commented on Bitcoin’s current bull cycle in a new YouTube video:
With each cycle it will get harder and harder to push it up the curve, and the reason is that market capitalization is increasing and exponentially more volume is required for the price to rise …
We made many comparisons with the 2013 cycle. I believe it is similar to the 2013 cycle, albeit significantly lengthened. However, I think that in this current cycle, the time between different steps has changed from what it was in 2013 … In fact, we are back to a lower ROI than in the previous market cycle. I think that we have a situation ahead of us, like in 2019, that is, we will go down for a while, or to the side. We will have a consolidation phase, then we will continue the next stage of our path, and this will be another step for us on the way to achieving this goal.
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