Benjamin Cowen Looks Into Bitcoin And Draws Future Scenarios For BTC
A top crypto market analyst and trader Benjamin Cowen is looking possible scenarios for the leading digital asset Bitcoin (BTC), after a market wide down trend over the past few weeks.
In a recent video, Benjamin Cowen shared with his 659K YouTube subscribers that Bitcoin has slipped below the bull market support band, which usually pulls altcoins also down in price against BTC.
“The problem is when we’re down and have shakeouts, is that altcoins never quite recover to where they were before Bitcoin had its previous shakeout.
When Bitcoin’s above the 20-week moving average, in these phases we know that altcoins can quickly recover and then they can quickly go new all-time highs.”
Looking into Bitcoin, Cowen thinks extreme predictions of massive price collapse are not very probably.
“Do I think we’re going back to $10,000 and spend a couple years hanging out between $10,000 and $15,000? I do not. But I also don’t see us having a parabolic rally next week that’s going to take us to $100,000.
I just want to be realistic and keep people down to earth with realistic expectations and not just constantly expect these crazy rallies that everyone keeps predicting.
Wait, be conservative, be patient, wait for the rally to come to you.”
Cowen also opines how longer market bull cycles would also lead longer periods of price trading sideways.
“I would still argue that if we bounce off those levels [$30,000 to $60,000] like we did back in the summer, it still looks like a long cycle.
We had these long reaccumulation phases last cycle. They weren’t quite as long, but there were still certainly phases where Bitcoin just went more or less sideways for upwards of half a year…
Furthermore, one would expect that a cycle that is lengthened should have even longer sideways periods.”
Lastly the crypto analyst looks into what the Bitcoin’s future price moves could look like, predicting that BTC could once again climb to previous all-time highs by mid-2022.
“What I’m looking for going forward is not a bear market that’s going to take us back to $10,000. But I am looking for Bitcoin to bottom, to go sideways, and then to start turning higher.
And then whenever that happens, whether it starts going up at $42,000 or $40,000, or whether you even test the lows from the summer [under $30,000], what I’m looking for at that point is to come back up to the prior all-time high, to break it, and then to ultimately trend higher.
And then hopefully prove that the lengthening-cycle theory is correct, and to continue along the way.”
