Popular crypto analyst predicts that Bitcoin (BTC’s) price will plunge in just a few weeks.
Benjamin Cowen, in his latest market update to 986 000 YouTube subscribers, says that Bitcoin is still in a down market. He believes it could fall below $60,000. This prediction was based upon historical precedent.
Look at the structure of the bear market. It was on an upward trend. The market trended upwards for about two months after you set the low of $80,000. Where did the market find its support? $60.000. What’s happened since $60.000? Bitcoin’s general trend is up. Have you seen that? You see that? Trending up. Bottomed at $60,000, trending up.
It will probably break down. It’s my best guess. I think that it will happen within a couple of months. The timeframe for Bitcoin’s weakness in the midterm year is April.
Cowen warns it can be hard to tell when Bitcoin’s bear market is due to the temporary upward trends.
You see that the bear markets have higher lows and you capitulate quickly to another low. They don’t feel right all the time. The bears are right for about a month or so, then things trend up.
Then you take a look at the past and realize that the entire thing was just a bear-market and it’s hard to convince anyone of this in a bear-market.”
Bitcoin has risen by 2.67% to $71,346 as of the time this article was written.
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